Step 1: Prepare the Cake Batter
Preheat oven to 350°F (175°C). Grease and flour a 10-inch fluted tube pan (Bundt pan).
In a large bowl, cream butter and sugar until light and fluffy (about 3-5 minutes).
Add eggs one at a time, beating well after each addition. Stir in vanilla extract.
In a separate bowl, whisk together flour, Dutch-process cocoa powder, baking powder, and salt.
Alternate adding the dry ingredients and milk to the butter mixture, starting and ending with the dry ingredients. Mix until just combined.
Fold in ¾ cup mini chocolate chips, reserving some for the top.
Step 2: Bake the Cake
Pour the batter into the prepared pan, smoothing the top. Sprinkle the reserved chocolate chips over the batter.
Bake for 45-55 minutes, or until a toothpick inserted in the center comes out clean.
Allow the cake to cool in the pan for 10-15 minutes, then transfer to a wire rack to cool completely.
Step 3: Prepare the Malted Chocolate Glaze
Melt butter and chopped bittersweet chocolate together in a double boiler or microwave in 20-second intervals, stirring until smooth.
Whisk in powdered sugar, malted milk powder, cocoa powder, and vanilla extract.
Gradually add heavy cream, whisking until smooth and pourable.
Step 4: Glaze and Serve
Once the cake is completely cool, pour the glaze over the top, letting it drip down the sides.
Allow the glaze to set before slicing and serving.