The title compound 3,4‐benzocycloocten‐1,5‐diyne (1) is a highly reactive hydrocarbon that has been shown to undergo addition reactions with tetraphenyl‐cyclopentadienone(tetracyclone) to the 2:1 adduct 6, with octacarbonyldicobalt to the bis metal complex 7, with lithium aluminium hydride to the bis diene 9, and with various electrophilic reagents. In these latter cases cationic intermediates are generated from 1 and a transannular cyclization takes place leading to novel derivatives of 1,2‐dihydropentalene (31, 32, 35, 36, 43, 44).