1,16‐Di‐tert‐butyl‐1,16‐diphospha[5.5]ferrocenophane was prepared in 76% yield by deprotonation of 1,1’‐di(2‐tert‐butylphosphanylethyl)ferrocene followed by treatment with 1,1’‐di(2‐bromoethyl)ferrocene. The ferrocenophane exists as a mixture of syn and anti diastereomers, which were separated by repeated precipitation of one of them. Reaction with borane afforded the respective borane adducts in 47% yield. Methylation with iodomethane gave the respective diphosphonium salt in quantitative yield. Oxidation with 1.0 or 5.0 equivalents of silver hexafloroantimonate gave a green and a blue material, respectively, presumably the mono and the diferrcenium salts. 1,16‐Di‐tert‐butyl‐1,16‐diphospha[5.5]ferrocenophane and its oxidation products were subjected to a temperature‐dependent Mössbauer effect (ME) study to elucidate their dynamical and paramagnetic relaxation characteristics. The ME data are consistent with the absence of spin averaging for the two distinct Fe sites in the monooxidation product over the temperature range 91