Combine the chocolate chips and peanut butter in a microwave-safe bowl and microwave for about 1 minute, stirring until smooth. Stir in the coconut oil and vanilla extract until fully combined.

Place the mini pretzels in a large bowl and pour the chocolate mixture over top. Toss gently until all of the pretzels are evenly coated.

In a large gallon-sized plastic bag, combine the confectioners' sugar and powdered peanut butter. Add the coated pretzels, seal the bag, and shake until every pretzel is well coated.

Transfer the pretzels to the refrigerator for about an hour, or until the chocolate has set. Serve immediately or store in an airtight container.