Make the cake: Preheat the oven to 325F. Grease the bottom and sides of 2 8×8-inch baking dishes.

In a large bowl, beat the cake mix, buttermilk, vegetable oil, eggs and cocoa on low speed until moistened. Beat on medium speed for 2 minutes, scraping sides occasionally.

Divide the batter evenly into 2 bowl. Add the blue food coloring paste to one and the red coloring to the second. Spread the blue cake batter in one prepared dish and the red cake batter in the second prepared cake dish. Bake in the preheated oven for 25 to 30 minutes, or until a toothpick inserted in the center comes out clean.

Remove cakes from oven and cool completely.

Make the frosting: In the bowl of a stand mixer, combine the cream cheese and butter and cream until smooth. Add in the powdered sugar until the desired sweetness and consistency.

To make the cake balls: Crumble the blue velvet cake in one large bowl, and the red velvet cake in another large bowl. Divide the frosting evenly between the two bowls. Mix the cake and the frosting completely. (I think it’s easiest to do this with your hands!) Form the cake into balls and refrigerate until ready to use.

Melt the candy melts and dip the cake balls in the melted candy melts. Immediately sprinkle with sprinkles, if desired.