With a rubber spatula, mix butter, coconut flakes, sweetened condensed milk, vanilla, and cherries together in a large bowl. Add powdered sugar, one cup at a time, and stir until well incorporated.
Add cherries and nuts, mix well.
Place in fridge for at least 2 hours to overnight.
Roll into 1 inch balls using a spoon or small cookie scoop.
Melt chocolate melting bark according to package directions. Dip candy into melted chocolate mixture, one piece at a time, with a tooth pick.
Sit on wax paper on a large plate to set. Decorate with sprinkles before the chocolate completely sets.
Store in refrigerator until ready to serve.