The 16‐electron half‐sandwich complex CpCo(Se2C2B10H10) (1, Cp = cyclopentadienyl) reacts with FcC(O)C≡CH in CH2Cl2 at ambient temperature to give [{FcC(O)CCH}(Se2C2B10H10)] (3) and [CpCo(Se2C2B10H9){CH2CC(O)Fc}] (4). Complex 3 is generated by the alkyne addition to the 1,2‐dicarba‐closo‐dodecaborane‐1,2‐diselenolate ligand in 1 with the loss of the CpCo unit. In 4, metal‐induced B–H activation occurs in the B(3)/B(6) position of carborane followed by the formation of a C–B bond. In MeOH the reaction leads to an unexpected product, [{FcC(O)CHCH}CpCo(Se2C2B9H9){CH2CC(O)Fc}] (5), which contains two alkynes and a nido‐C2B9 cage. In MeOH, 4 can further react with the alkyne to give 5. In the presence of silica, 4 loses the CpCo unit to afford [{FcC(O)CCH2}(Se2C2B10H9)] (6), which is a symmetrical molecule with the B–CH2 unit retained. All of these complexes have been characterized by IR, NMR, elemental analysis, mass spectrum, and single‐crystal X‐ray diffraction analysis.