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An American institution. With powdered sugar on top.
Preheat oven to 350 degrees F.
In a large measuring cup (or small pitcher), combine 1/2 cup buttermilk with 1 cup cola soft drink and set aside for a few minutes. Word to the wise: It has a tendency to foam all over the place when you first combine them, so make sure you’ve got room in your cup for the head until it fizzes back down to normal. Also, make sure to measure both ingredients SEPARATELY rather than just putting 1/2 cup buttermilk in the measuring device and then planning to pour coke over it until it reaches the 1-1/2 cup mark. Otherwise you’ll end up waiting half an hour for the foam to die back so you can measure it.
In a small bowl, combine 2 cups of all-purpose flour with 1 teaspoon of baking soda and set mixture aside.
Beat 2 sticks (1 cup) butter in electric mixer. Add 2 cups granulated sugar and beat until smooth. To the butter mixture, add 2 teaspoons vanilla and 1/2 cup cocoa powder. Beat again, until creamy.
Crack two eggs into the batter, and slowly add the liquid (cola/buttermilk) mixture; beat again. Next, add the dry (flour) mixture, beating slowly this time, just until incorporated.
Finally, fold into the batter about 3/4 cups of miniature marshmallows and 3/4 cup semisweet chocolate chips.
Pour batter into a greased/floured bundt (or other) pan. Bake at 350F — for a bundt, allow 30-35 minutes; for a regular sheet cake, begin checking after 20 minutes.
When cake no longer wobbles when shaked gently, it’s ready to come out of the oven, but allow it to cool at room temperature for at least 20 minutes in the pan before transferring. Meanwhile, you can begin your frosting.
For the frosting, combine 1 stick (1/2 cup) butter in a saucepan over medium heat with 1/2 cup Coca-Cola. Add 1/3 cup cocoa powder and 1/2 cup semisweet chocolate chips, stirring constantly over heat. A cup at a time, add 3 cups of confectioner’s sugar, stirring well between additions. Remove from heat when thick and saucy and immediately stir in 1-2 teaspoons vanilla extract.
Pour warm chocolate frosting over the cake. If you have leftover chocolate chips, you can sprinkle them on top with some powdered sugar, if desired.