Add softened butter to a large mixing bowl and whip on medium-high speed for 3–4 minutes until pale, fluffy, and smooth.
Reduce speed to low and gradually add powdered sugar, about ½ cup at a time.
Add vanilla and salt, then increase speed to medium and beat until combined.
With mixer on low, drizzle in heavy cream one tablespoon at a time until desired consistency is reached.
Optional: Chill frosting for 10 minutes before adding sprinkles.
Gently fold in sprinkles by hand using a spatula.
Use immediately or store as directed.