Place the semi-sweet chocolate chips and white chocolate chips into two separate microwave-safe glass bowls.
Add 1 teaspoon of coconut oil to each bowl.
Melt the semi-sweet chocolate chips at 50% for 60 seconds. Stir. If the chocolate is not yet melted, microwave an additional 30 seconds.
Microwave the white chocolate on 50% for 90 seconds. Stir the white chocolate chips. If the chocolate is not yet completely smooth, microwave an additional 30 seconds. Stir until smooth.
Place the pretzels in either the melted semi-sweet chocolate or the melted white chocolate, one at a time, and cover completely. Remove with a fork, shaking off any excess chocolate.
Place the chocolate covered pretzels on a baking sheet lined with parchment paper or a silicone baking mat.
Immediately top with Christmas sprinkles and red and green M&Ms.
Let the chocolate set up until firm. Store pretzels in an airtight container at room temperature or in the refrigerator or freezer for longer storage.