Preheat oven to 325. Microwave chocolate baking squares in a microwave-safe bowl at high for 1 minute 15 seconds or until chocolate is melted and smooth, stirring at 15-second intervals. Beat butter at medium speed with a heavy-duty electric stand mixer 2 minutes or until creamy. Gradually add granulated sugar, beating 5 to 7 minutes or until light and fluffy. Add eggs, 1 at a time, beating just until yellow disappears after each addition. Stir in melted chocolate, chocolate syrup, and vanilla until smooth.
Combine flour and next 3 ingredients; add to butter mixture alternately with buttermilk, begging and ending with flour mixture. Beat at low speed just until blended after each addition. Pour batter into a greased and floured 10-inch tube pan.
Bake at 325 for 1 hour and 10 minutes or until a long wooden pick inserted in center of cake comes out clean. Cool in plan on a wire rack 10 to 15 minutes; remove from pan to wire rack, and let cool completely (about 1 hour and 30 minutes). Sprinkle with powdered sugar, if desired.
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