The Eu-encrypted Preyssler anion, [EuP5W30O110]n-, demonstrates unusual electronic properties as a function of applied potenial. The Preyssler anion itself, when exchanged with a nonredox active trivalent ion such as La3+, is electroactive in acidic solution, reversibly accepting up to 10 electrons under reducing conditions. Encrypted Eu, which is trivalent at rest potential, is reduced concomitantly with the framework. The details of this reduction are probed with Eu L3-XANES, coulometry, and magnetic susceptibility. The results are interpreted in terms of a bonding interaction between the Eu f-states and the W-O framework band, facilitated by the crossing of the framework Fermi level with the localized states. Such behavior has been previously observed in intermediate-valent and correlated-electron systems. The observation of such behavior in an isolated cluster opens the door for new avenues of research into correlated-electron behavior.