| 4 ounces semisweet chocolate, broken into pieces
2 tablespoons butter or margarine
1 bag (10 1/2 ounces) miniature marshmallows
6 cups crispy rice cereal (6 ounces)
1 cup salted dry-roasted peanuts
1 cup M&M's Mini Baking Bits
Spray 10- to 12-cup fluted baking pan (such as a Bundt) with nonstick cooking spray.
In large bowl, heat chocolate and butter in microwave oven on High 1 minute, stirring once during heating. Remove from microwave; stir chocolate mixture until melted and smooth. Add marshmallows to mixture. Heat in microwave on High 1 minute longer; stir until marshmallows are melted and mixture is smooth.
Add cereal, peanuts, and M&M's to chocolate mixture. Stir until all ingredients are coated and mixture is well combined.
Transfer cereal mixture to prepared pan, pressing mixture down with fingertips. Let stand at least 1 hour to set chocolate. (In warm weather, refrigerate to set cake.)
To unmold, with knife or metal spatula, loosen cake from side of pan; invert onto serving plate. Cut into slices to serve. Store in covered container at room temperature up to 3 days.
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