The paper deals with the setting where two viruses (say virus 1 and virus 2) coexist in a population, and they are not necessarily mutually exclusive, in the sense that infection due to one virus does not preclude the possibility of simultaneous infection due to the other. We develop a coupled bi-virus susceptible–infected–susceptible (SIS) model from a 4n-state Markov process, where n is the number of agents (i.e., individuals or subpopulation) in the population. We identify a sufficient condition for both viruses to eventually die out, and a sufficient condition for the existence, uniqueness and asymptotic stability of the endemic equilibrium of each virus. We establish a sufficient condition and multiple necessary conditions for local exponential convergence to the boundary equilibrium (i.e., one virus persists, the other one dies out) of each virus. Under mild assumptions on the healing rate, we show that there cannot exist a coexisting equilibrium where for each node there is a nonzero fraction infected only by virus 1; a nonzero fraction infected only by virus 2; but no fraction that is infected by both viruses 1 and 2. Likewise, assuming that healing rates are strictly positive, a coexisting equilibrium where for each node there is a nonzero fraction infected by both viruses 1 and 2, but no fraction is infected only by virus 1 (resp. virus 2) does not exist. Further, we provide a necessary condition for the existence of certain other kinds of coexisting equilibria. We show that, unlike the competitive bivirus model, the coupled bivirus model is not monotone. Finally, we illustrate our theoretical findings using an extensive set of simulations.