Line a square baking pan with parchment paper or a light coating of non-stick spray.

Melt the unsalted butter in a large saucepan over low heat until completely liquid.

Stir in the mini marshmallows constantly until the mixture is smooth and fully melted.

Add the honey and salted peanuts into the marshmallow base and stir to combine.

Remove from heat and gently fold in the cereal until every piece is coated.

Transfer the mixture to the prepared pan and press down lightly with a greased spatula.

Allow the treats to sit at room temperature until firm before slicing into squares.