Adaptive ligands, which can adapt their coordination mode to the electronic structure of various catalytic intermediates, offer the potential to develop improved homogeneous catalysts in terms of activity and selectivity. 2,2′-Diphosphinobenzophenones have previously been shown to act as adaptive ligands, the central ketone moiety preferentially coordinating reduced metal centers. Herein, the utility of this scaffold in nickel-catalyzed alkyne cyclotrimerization is investigated. The complex ( p‑tolL1)­Ni­(BPI) ( p‑tolL1 = 2,2′-bis­(di­(para-tolyl)­phosphino)-benzophenone; BPI = benzophenone imine) is an active catalyst in the 2 + 2 + 2 cyclotrimerization of terminal alkynes, selectively affording 1,2,4-substituted benzenes from terminal alkynes. In particular, this catalyst outperforms closely related bi- and tridentate phosphine-based Ni catalysts. This suggests a reaction pathway involving a hemilabile interaction of the CO unit with the nickel center. This is further borne out by a comparative study of the observed resting states and DFT calculations.