In a large bowl, mix the red velvet cake mix and softened butter until crumbly.

Stir in the cream cheese frosting until well combined and dough-like.

Roll tablespoon-sized portions into balls using your hands.

Chill the rolled balls on a parchment-lined baking sheet for 30 minutes.

Melt the chocolate chips in a microwave-safe bowl.

Dip each chilled cake ball into the melted chocolate and return to the parchment paper.

While still wet, add sprinkles for decoration.