Gather all ingredients.

Place cakes in the bowl of a stand mixer fitted with a paddle attachment. Pulse mixer until cakes are crumbled, about 10 pulses.

Add cream cheese and beat on low speed until smooth, about 1 minute.

Using a 2 teaspoon cookie scoop, portion dough into 1-inch balls and arrange on a parchment-lined baking sheet. Freeze, uncovered, until firm, about 5 minutes.

Roll dough portions in your palms until smooth (dough will be sticky, gloves are recommended). Return to freezer until firm, about 10 minutes.

Microwave candy melts in a medium microwaveable bowl on 50% power until melted, stopping to stir every 30 seconds, 2 to 3 minutes total.

Using a fork, dip truffles into melted candy melts, using the side of the bowl to scrape off excess chocolate. Transfer to a clean parchment-lined baking sheet. Immediately sprinkle with sprinkles.