In the microwave, melt chocolate in a bowl deep enough to dip about half the pretzel rod. (You can also pour melted chocolate into a tall glass or cup.) Microwave for 15 seconds and then stir. Repeat until chocolate is melted completely, about 1 to 1 1/2 minutes.
Dip pretzel in melted chocolate; gently tap on side of bowl to remove excess chocolate.
Gently roll chocolate covered pretzel in sprinkles. Place on rack or wax paper until set, or place in refrigerator until chocolate is hard.