Herein, we report a new trigonal prismatic cobalt(II) complex that behaves as a single molecule magnet. The obtained zero‐field splitting, which is also directly accessed by THz‐EPR spectroscopy (−102.5 cm−1), results in a large magnetization reversal barrier U of 205 cm−1. Its effective value, however, is much lower (101 cm−1), even though there is practically no contribution from quantum tunneling to magnetization relaxation.