The reaction of (trimethylsilyl)acetylene with the phosphinito phosphanido Pt(I) complex [(PHCy2)Pt(μ-PCy2){κ2P,O-μ-P(O)Cy2}Pt(PHCy2)](Pt-Pt) (1) results in the protonation of the Pt-Pt bond with the formation of the bridging hydride complex [(PHCy2)(Me3SiC≡C)Pt(μ-PCy2)(μ-H) Pt(PHCy2){κP-P(O)Cy2}](Pt-Pt) (2), which was characterized by spectroscopic, spectrometric and XRD analyses. Complex 2 exhibits in the solid state at 77 K a long-lived, weak, orange emission assigned as metal-metal to ligand charge transfer (MMLCT) (L = alkynyl) due to the presence of a very short Pt···Pt distance [2.8209(2) Å]. Reaction of 2 with etherate HBF4 results in the selective protonation of the phosphinito ligand to afford the species [(PHCy2)(Me3SiC≡C)Pt(μ-PCy2)(μ-H) Pt(PHCy2){κP-P(OH)Cy2}](Pt-Pt)[BF4] ([3]BF4).