Line a large shallow pan with waxed paper or parchment paper.
Add popcorn, raisins, and peanuts to a very large bowl.
In a medium bowl microwave white baking chips and coconut oil on 50% (medium) power about 2 minutes or until melted and smooth, stirring every 30 seconds. Stir white cake mix and salt into melted mixture. Drizzle over the popcorn mixture; toss gently to coat.
Spread popcorn mixture in shallow pan. Sprinkle with colored sprinkles.
Let stand until set. Store in an airtight container for up to 1 day.