Preheat the oven to 400°F. Line a quarter baking sheet or 13x9-inch baking pan with foil.
Arrange the pretzel rods in a single layer on the baking sheet.
Melt the butter in a small saucepot set over medium-high heat then whisk in the brown sugar until well-combined. Bring the mixture to a boil and cook, undisturbed, for 3 minutes. Pour the caramel atop the pretzels, spreading it into an even layer.
Bake the pretzel toffee for 5 minutes then remove it from the oven and let it cool for 5 minutes. While it is cooling, combine the chocolate chips and coconut oil in a microwave-safe bowl. Microwave in 30-second increments, stirring between each increment, until smooth.
Pour the chocolate atop the caramel then use a spatula to spread it in an even layer. While the chocolate is still wet, top it with sprinkles then let the toffee cool completely, about 30 minutes. (Alternately, place the baking sheet in the freezer for 15 minutes until the chocolate is set.)
Break the toffee into pieces and serve.