Bismuth diphenylphosphanides Bi(NONR)(PPh2) (NONR=[O(SiMe2NR)2], R=tBu, 2,6‐iPr2C6H3, Aryl) undergo facile decomposition via single‐electron processes to form reduced Bi and P species. The corresponding derivatives Bi(NONR)(PCy2) are stable. Reaction of the isolated BiII radical .Bi(NONAr) with white phosphorus (P4) proceeds with the reversible and selective activation of a single P−P bond to afford the bimetallic μ,η1:1‐bicyclo[1.1.0]tetraphosphabutane compound.