Anionic 1,4-dihydro-1,4-diphosphinines were synthesized from tricyclic 1,4-diphosphinines and isolated as blue powdery salts M[2a-2c]. Reaction of solutions of these monoanions with iodomethane led to P-methylated compounds 3a-3c. An oxidation/reduction cycle was examined, starting from solutions of K[2a] via P-P coupled product 4a and back to K[2a], and the recyclability and redox chemistry of this cycle were confirmed by experimental and simulated cyclic voltammetry analysis, which is proposed as a potential 2-electron cathode for rechargeable cells. TD-DFT studies were used to examine species that might be involved in the process.