Cobalt‐catalyzed cross‐dimerization of simplealkenes with 1,3‐enynes is reported. A [2+2] cycloaddition reaction occurred, with alkenes bearing no allylic hydrogen, by reductive elimination of a η3‐butadienyl cobaltacycle. On the other hand, aliphatic alkenes underwent 1,4‐hydroallylation by means of exo‐cyclic β‐H elimination. These reactions can provide cyclobutenes and allenes that were previously difficult