The molybdenum and tungsten 2,4,6-trimethylbenzylidynes [MesCM{OC(CF 3 ) 2 Ph} 3 ] (12a, M = Mo; 12b, M = W) were prepared and structurally characterized as related complexes to already known [MesC M{OC(CF 3 ) 2 Me} 3 ] (MoF6, M = Mo; WF6, M = W). While treatment of 12a with 3-hexyne yielded the propylidyne complex [EtCMo{OC(CF 3 ) 2 Ph} 3 ] (13), the tungsten congener 12b formed isolable metallacyclobutadiene (MCBD) species 14−16 by reaction with 3-hexyne, 1-phenyl-1-propyne, and 2,4-hexadiyne, which can be correlated with the higher electrophilicity of the tungsten complex. Furthermore, the labile MCBD [(C 3 Et 3 )Mo{OC(CF 3 ) 2 Me} 3 ] ( 17) was isolated at low temperature from the reaction of the highly active MoF6 catalyst with 3-hexyne and could be characterized by X-ray diffraction analysis. At room temperature, the same reaction afforded [EtCMo{OC(CF 3 ) 2 Me} 3 ] ( 18), and the equilibrium reaction with 3-hexyne to form 17 was additionally studied by variable temperature NMR spectroscopy, which allowed determining ΔH°and ΔS°for the formation of MCBD 17. The experimental thermodynamic data were used to set the benchmark for DFT calculations. Moreover, the deprotiometallacyclobutadiene complex (DPMCBD) [{C 3 (Mes)(Ph)}Mo-{OC(CF 3 ) 3 } 2 ] (19), prepared from [MesCMo{OC(CF 3 ) 3 } 3 ] (MoF9) and phenylacetylene, was isolated and structurally characterized as a decomposition product of terminal alkyne metathesis and employed in the polymerization of phenylacetylenes.