Bimetallic nanoparticle (NP) catalysts are interesting for the development of selective catalysts in reactions such as the reduction of CO2 by H2 to form hydrocarbons. Here the synthesis of Ni-Co NPs is studied, and the morphological and structural changes resulting from their activation (via oxidation/reduction cycles), and from their operation under reaction conditions, are presented. Using ambient-pressure X-ray photoelectron spectroscopy, X-ray absorption spectroscopy, and transmission electron microscopy, it is found that the initial core-shell structure evolves to form a surface alloy due to nickel migration from the core. Interestingly, the core consists of a Ni-rich single crystal and a void with sharp interfaces. Residual phosphorous species, coming from the ligands used for synthesis, are found initially concentrated in the NP core, which later diffuse to the surface.