In a medium saucepan add the peanut butter, honey, and butter. Cook over medium-low to medium heat. Heat the mixture just until it is melted and blended together. No need to bring to a boil.
Once the peanut butter mixture is to ready to add to the cereal and the 3/4 cup of the peanuts to the saucepan.
Grease a 9 by 9-inch pan. Pour the cereal mixture into the pan and pat in with the back of a spoon or by hand. Place in the refrigerator for about 1/2 hour to cool.
In a microwave-safe bowl add the chocolate chips and peanut butter. Microwave the chocolate chips and peanut butter until melted (about 30 seconds intervals, stirring after every 30 seconds) Drizzle the frosting over the bars. Sprinkle the remaining peanuts over top.