In a small microwavable bowl, place the peanut butter, chocolate chips, and butter and microwave on high for one minute. Stir and microwave for an additional 30 seconds, if needed, until chocolate is melted.
Add in vanilla and mix well.
In a large bowl, place the Chex cereal. Pour the chocolate mixture over top and mix well.
Place the cereal in a zippered plastic bag and add in the powdered sugar and seal. Shake well, making sure all the cereal is coated in powdered sugar.
Place in the refrigerator to cool until needed for the ice cream.
For the Ice Cream
In a small bowl, mix the coffee granules into the hot water until dissolved, set aside.
In a small microwavable bowl, add the sweetened condensed milk and chocolate and microwave on high for one minute. Stir and microwave for an additional 30 seconds, if needed, until chocolate is melted. Add in vanilla and salt, mix well, and set aside.
In the bowl of an electric mixer, whip the cream until soft peaks form (around 2 minutes).
With a whisk, fold into one half of the chocolate mixture and then continue to gently fold in the remaining chocolate until well combined.
Reserve ½ cup of the Puppy Chow and set aside, fold the rest of the Puppy Chow (or as much as desired) into the chocolate ice cream mixture.
Pour the Chocolate Ice Cream mixture into an air tight container or metal bread pan and sprinkle the reserved ½ cup Puppy Chow over top.
Freeze ice cream for 6-8 hours and up to 2 weeks.
Let ice cream thaw about 30 minutes before scooping.
Recipe by Smashed Peas & Carrots at https://smashedpeasandcarrots.com/no-churn-chocolate-puppy-chow-ice-cream-recipe/