Start by popping ½ cup of popcorn kernels using your preferred method. Once popped, transfer the popcorn to a large bowl, removing any unpopped kernels.
In a medium-large pot, melt ½ cup of unsalted butter over medium-low heat. Stir gently to ensure it doesn't brown.
Add 10 ounces of mini marshmallows to your melted butter, stirring until fully melted and smooth.
Carefully pour the melted marshmallow mixture over the popped popcorn in the bowl. Gently mix and fold until evenly coated.
Let the popcorn mixture rest and cool slightly for about 5 minutes. Then, fold in 1 cup of Christmas M&Ms and ⅓ cup of sprinkles.
Spray hands with non-stick cooking spray and take about 1 cup of the mixture, pressing it firmly into a ball shape.
Enjoy immediately or wrap in plastic wrap and store in an airtight container at room temperature for up to 5 days.