In a spacious mixing bowl, blend the peanut butter with the softened butter and vanilla until the mixture reaches a creamy consistency.
Gradually incorporate the powdered sugar in portions, roughly ½ cup at a time, stirring continuously until a pliable dough takes form. The mixture should be easy to handle without sticking to your fingers.
Scoop out roughly one tablespoon at a time and shape the mixture into compact spheres. Set each onto a baking sheet lined with parchment paper.
Transfer the tray to the refrigerator or freezer and allow the bites to firm up for approximately 30 minutes.
Place the chocolate chips and coconut oil into a heatproof bowl. Microwave in 20-second intervals, stirring between each, until the mixture becomes fully melted and smooth.
Using a fork, skewer, or dipping tool, immerse each peanut butter ball into the melted chocolate, ensuring an even coating. Gently shake off the excess chocolate before returning the coated bite to the parchment-lined tray.
Refrigerate once more for 10 to 15 minutes, or until the chocolate shell solidifies completely.
Serve immediately or keep stored in a sealed container in the refrigerator for up to 14 days, or freeze for up to 2 months.