Place the Rice Chex cereal in a large mixing bowl.

In a microwave-safe bowl, melt white chocolate chips and butter in 30-second bursts, stirring in between until smooth.

Stir in vanilla extract until fully combined and glossy.

Pour the melted mixture over the cereal and gently toss with a spatula until evenly coated.

In a separate bowl, mix strawberry gelatin and powdered sugar until well blended.

Transfer coated cereal to a large zip-top bag, add the strawberry-sugar mix, seal, and shake until fully coated.

Spread the mixture on a parchment-lined baking sheet to cool and set. Sprinkle with crushed freeze-dried strawberries if desired.

Once cooled, store in an airtight container.