A synthetic route was developed for a novel bicyclic diphosphine 5 in which two structurally robust 1,8-naphthalenediyl groups clamp the P–P bond of the diphosphine to form a butterfly structure. The bicyclic framework was synthesized by a ring-opening dimerization of a strained four-membered phosphacycle of iPr2NP-peri-bridged naphthalene 8. A toluene solution of 8 was heated for 2days in the presence of O2 and one equivalent of H2O to give a mixture of oxides of the target diphosphine 5, then the mixture of oxides was reduced with HSiCl3 to afford 5 in a moderate yield. The crystal structure of 5 confirmed that the P–P bond and the two naphthalene groups form a butterfly molecular structure, and the two lone pairs on the respective phosphorus centers are disposed in a synperiplanar configuration. These two phosphorus donor atoms bind two AuCl fragments to form a unique “U-shape” binuclear complex (μ-5)-[AuCl]2 in which the two Au(I) centers are separated by ca. 4.4Å that indicates the negligible intramolecular Au–Au interaction. In the crystal, the two binuclear complexes interlocked with each other through multiple intermolecular Au–Au interactions between the two U-shape units.