The synthesis of a water-soluble polycobaltoceniumylmethylene chloride (PCM-Cl) via ring-opening transmetalation polymerization is presented. Starting from a carba[1]magnesocenophane and cobalt(II) chloride, this route gives access to a polymer with methylene-bridged cobaltocenium moieties within the polymers' main-chain. The polymer was characterized by NMR spectroscopy, elemental analysis, TGA, DSC, XRD, and CV measurements, as well as UV-vis spectroscopy. Furthermore, GPC measurements in an aqueous eluent versus pullulan standards were conducted to gain insight into the obtained molar masses and distributions. In addition, the ion-dependent solubility was demonstrated by anion exchange, tuning the hydrophobic/hydrophilic properties of this redox-responsive material.