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Preheat your oven to 350 degrees F and grease a 9" bundt pan generously with non-stick baking spray. Set aside the pan until ready to use.
In a large bowl, whisk together the flour, sugar, cocoa powder, baking powder, and salt.
Melt the butter in a small saucepan or microwave safe bowl. Once the butter is melted, add the chopped chocolate and stir to combine. If the chocolate doesn't fully melt, cook it for an additional 30 seconds in the microwave (or 1-2 minutes on the stovetop). Whisk continually until the chocolate is fully melted.
Next, allow the chocolate to cool for five minutes. Then transfer the chocolate mixture to a large bowl and whisk in the eggs, milk, and vanilla extract.
Add half of the dry ingredients and whisk to combine.
Add the water and whisk to combine.
Lastly, add the remaining dry ingredients and stir.
Transfer the batter to the prepared bundt pan and bake until a toothpick inserted into the center comes out clean - about 45-50 minutes.
Remove from the oven and allow the cake to cool for 10 minutes.
Run a knife around the edge to loosen the bundt cake and turn it onto a wire rack to cool completely.
Store in a plastic container at room temperature for up to 3 days.