This paper describes the formation of new platinacyclic complexes derived from the phosphine ligands PiPr2Xyl, PMeXyl2, and PMe2Ar Xyl 2 (Xyl=2,6‐Me2C6H3 and Ar Xyl 2=2,6‐(2,6‐Me2C6H3)2‐C6H3) as well as reactivity studies of the trans‐[Pt(C^P)2] bis‐metallacyclic complex 1 a derived from PiPr2Xyl. Protonation of compound 1 a with [H(OEt2)2][BArF] (BArF=B[3,5‐(CF3)2C6H3]4) forms a cationic δ‐agostic structure 4 a, whereas α‐hydride abstraction employing [Ph3C][PF6] produces a cationic platinum carbene trans‐[Pt{PiPr2(2,6‐CH(Me)C6H3}{PiPr2(2,6‐CH2(Me)C6H3}][PF6] (8). Compounds 4 a and 8 react with H2 to yield the same 1:3 equilibrium mixture of 4 a and trans‐[PtH(PiPr2Xyl)2][BArF] (6), in which one of the phosphine ligands participates in a δ‐agostic interaction. DFT calculations reveal that H2 activation by 8 occurs at the highly electrophilic alkylidene terminus with no participation of the metal. The two compounds 4 a and 8 experience C–C coupling reactions of a different nature. Thus, 4 a gives rise to complex trans‐[PtH{(E)‐1,2‐bis(2‐(PiPr2)‐3‐MeC6H3)CHCH}] (7) that contains a tridentate diphosphine–alkene ligand, through agostic CH oxidative cleavage and C–C reductive coupling steps, whereas the C–C coupling reaction in 8 involves classical migratory insertion of its [PtCH] and [PtCH2] bonds promoted by platinum coordination of CO or CNXyl. The mechanisms of the CC bond‐forming reactions have also been investigated by computational methods.