Preheat the oven to 350°F.
In a medium bowl, mix together the cake mix, water, oil and eggs.
Pour the batter into a lightly greased 9x13 inch baking pan. Bake in the preheated oven for 35 minutes. Allow to cool completely.
Line a cookie sheet with parchment paper and set aside.
Using a stand mixer, mix together the cooled cake and frosting until fully combined. Set aside.
Place the chocolate disks and the coconut oil in a microwave safe bowl and microwave in 30 second intervals, mixing until smooth.
Form the cake into balls using your hands. Dip them in the melted chocolate and place on the prepared cookie sheet. Sprinkle with the Christmas sprinkles.
Place the cookie sheet in the fridge (or freezer) until the chocolate is hardened.