We present a voltammetric, spectroscopic, and atomic-scale microscopic study of how initial interfacial contact with high- and low-pH electrolytes affects the surface voltammetry, near-surface composition, CO binding, and electrocatalytic oxygen reduction reaction (ORR) of dealloyed Pt–Ni alloy nanoparticles deployed in fuel cells. The first contact of the catalyst with the electrolyte is critical for the evolution of the catalytically active surface structure, yet still insufficiently understood. Counter to chemical intuition, we find that voltammetric activation protocols in both pH 1 and pH 13 electrolytes result in similarly Ni-depleted surfaces with similar near-surface Ni/Pt ratios to a 2.5 nm depth, yet vastly different ORR reactivities. On the basis of our combined voltammetric, scanning transmission electron microscopy with the spectroscopic mapping by energy dispersive X-ray (STEM-EDX) microscopic and X-ray photoelectron spectroscopy (XPS) analysis, we conclude that oxygen-saturated alkaline ele...