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Prepare your 6-cup bundt pan by greasing the inside really well with butter or shortening. Coat it with cocoa powder or spray well with Baker’s Joy (which has flour in it, don’t use regular spray coating). Set aside.
In a large mixing bowl on high speed, mix together the softened butter and eggs until smooth, 2 to 3 minutes.
Add the cake mix, sour cream, and milk. On low speed, mix until starting to combine, and then increase the mixer speed to high and beat for 2 minutes.
Pour the batter into the prepared pan to about half an inch from the top of the pan.
Lay a paper towel over the top of the pan. Next, place a piece of heavy-duty foil over the top of the pan. Don’t pull it down tight, leave it tented in the middle. Pinch the foil around the edge of the pan to seal.
Place 1½ cups of water into the bottom of your Instant Pot.
Set the covered bundt pan onto the handled trivet that came with your Instant Pot and lower into the Instant Pot using the trivet handles.
Place your Instant Pot lid on and set the vent valve to SEAL.
Hit the Manual button and high pressure and set the time for 35 minutes.
At the end of the 35 minutes when the Instant Pot beeps, put a towel over the vent valve and release the steam. Once all the steam has been released and the safety pin by the vent valve has dropped, you can open the lid.
Carefully remove the bundt pan using the handles and a towel (because it will still be hot).
Let the cake sit for about 5 minutes and then remove the foil and paper towel.
Place your cake plate on top of the bundt pan and give it a quick flip over to release the cake onto the pan.
Pour the thickened ganache over the top of the cake.
Place the chocolate chips into a heat safe bowl.
Place the heavy cream in a microwave safe glass measuring cup and heat on high in the microwave for one minute. Watch so it doesn’t boil over.
Carefully remove the cream from the microwave and pour it over the chocolate chips. Let the chips and cream sit for 2 to 3 minutes. Then stir slowly, continuing until combined and creamy.
Let the mixture sit for 30 minutes before using it as a glaze over the finished cake. You can also let it sit longer if you’d prefer to use it as chocolate frosting on top of the cake.