Prepare and bake the chocolate cake mix according to package directions. For a richer flavor, substitute milk for the water if desired.
Allow the cake to cool completely in the pan before transferring to a cooling rack.
To make the frosting, add softened butter, cream cheese, vanilla extract, and 1 cup powdered sugar to a large mixing bowl. Beat until combined.
Add the second cup of powdered sugar and mix again. Add the final cup and continue mixing until smooth and creamy.
Crumble the cooled cake into a large mixing bowl.
Add about 1 cup of frosting to the cake crumbs and mix using an electric mixer until fully combined. Add more frosting if needed until the mixture is smooth and easy to roll into balls.
Chill the cake mixture in the refrigerator for 30–45 minutes.
Scoop about 1 1/2 tablespoons of the mixture and roll into balls. Place onto a parchment-lined baking sheet.
Refrigerate the cake balls while melting the chocolate wafers.
Melt the chocolate wafers in a microwave-safe bowl in 30-second intervals, stirring between each until smooth.
Dip the end of each cake pop stick into melted chocolate, then insert into the center of each cake ball.
Return the cake pops to the refrigerator for 30–45 minutes or freeze for 20–30 minutes until firm.
Reheat the chocolate wafers if necessary. Dip each cake pop fully into the melted chocolate until coated.
Let excess chocolate drip off, then immediately decorate with sprinkles before the coating hardens.
Place the coated cake pops back onto parchment paper and allow them to set completely at room temperature or in the refrigerator for a firmer shell.
Serve and enjoy!