Line a baking sheet with wax paper. In a microwavable bowl, melt the peanut butter chips, corn syrup and butter, stirring once, for 1 minute. Stir in the whole peanuts; let cool slightly.
On the prepared pan, divide the mixture into 20 mounds and shape each into a log. Place the chopped peanuts in a shallow bowl and roll the candy logs in the nuts to sparsely coat. Let sit to harden slightly.