Line cookie sheet with waxed paper.
Coarsely crush cereal. Mix cereal and coconut on another sheet of waxed paper.
Place candy coating in 1-cup microwavable measuring cup. Microwave uncovered on High 30 to 60 seconds, stirring every 15 seconds, until melted.
Dip each pretzel halfway into almond bark; allow excess to drip off. Roll in crushed cereal mixture. Place on cookie sheet. Let stand until set, about 30 minutes.