The reactivity of both the monoanionic and dianionic forms of bis(diphenylthiophosphinoyl)methane (2– and 22–) as well as the dianion of tetraisopropyl methylenediphosphonate(32–) was investigated towards the same CoII precursor CoCl2. Monoanion 2– coordination yields a homoleptic zwitterionic CoII complex. However, both dianions (22– and 32–) give the same overall structure with a square Co2C2 core. Structures of all of the complexes have been confirmed by full NMR spectroscopic analysis and X‐ray diffraction. Furthermore, DFT calculations have been carried out to rationalize the stability of such species.