The compound is highly reactive and pyrophoric, self-igniting in air. The lack of reactivity studies may be in part sourced from its very low solubility in organic solvents. However, it may be able to find use as a specialized source of reactive low-valent iron.
Computational studies have estimated COT dissociation from Fe(COT) to be 57 kcal/mol uphill, which would not be readily accessible at room temperature in solution.
With analogy to Fe(CO), the compound could potentially be susceptible to Fe-Fe bond homolysis via photoexcitation.