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      <submissionType>144</submissionType>
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        <filer>
          <filerCredentials>
            <cik>0001192929</cik>
            <ccc>XXXXXXXX</ccc>
          </filerCredentials>
        </filer>
        <liveTestFlag>LIVE</liveTestFlag>
  
  
      </filerInfo>
    </headerData>
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      <issuerInfo>
        <issuerCik>0001858985</issuerCik>
        <issuerName>On Holding AG</issuerName>
        <secFileNumber>001-40795</secFileNumber>
        <issuerAddress>
          <com:street1>FORRLIBUCKSTRASSE 190</com:street1>
          <com:city>8005 ZURICH</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>00000</com:zipCode>
        </issuerAddress>
        <issuerContactPhone>41 44 225 15 55</issuerContactPhone>
        <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>FOX KENNETH A</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
        <relationshipsToIssuer>
          <relationshipToIssuer>Director</relationshipToIssuer>
        </relationshipsToIssuer>
      </issuerInfo>
      <securitiesInformation>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <brokerOrMarketmakerDetails>
          <name>Merrill Lynch</name>
          <address>
            <com:street1>555 California Street FL 18</com:street1>
            <com:city>san francisco</com:city>
            <com:stateOrCountry>CA</com:stateOrCountry>
            <com:zipCode>94104</com:zipCode>
          </address>
        </brokerOrMarketmakerDetails>
        <noOfUnitsSold>500000</noOfUnitsSold>
        <aggregateMarketValue>14185000.00</aggregateMarketValue>
        <noOfUnitsOutstanding>282811865</noOfUnitsOutstanding>
        <approxSaleDate>06/07/2023</approxSaleDate>
        <securitiesExchangeName>nyse</securitiesExchangeName>
      </securitiesInformation>
      <securitiesToBeSold>
        <securitiesClassTitle>class A</securitiesClassTitle>
        <acquiredDate>12/28/2017</acquiredDate>
        <natureOfAcquisitionTransaction>private placement</natureOfAcquisitionTransaction>
        <nameOfPersonfromWhomAcquired>issuer</nameOfPersonfromWhomAcquired>
        <isGiftTransaction>N</isGiftTransaction>
        <amountOfSecuritiesAcquired>500000</amountOfSecuritiesAcquired>
        <paymentDate>12/28/2017</paymentDate>
        <natureOfPayment>cash</natureOfPayment>
      </securitiesToBeSold>
      <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
      <noticeSignature>
        <noticeDate>06/07/2023</noticeDate>
        <signature>Kenneth A Fox</signature>
      </noticeSignature>
    </formData>
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text: 144
  0001192929
  XXXXXXXX
  LIVE
  0001858985
  On Holding AG
  001-40795
  FORRLIBUCKSTRASSE 190
  8005 ZURICH
  V8
  00000
  41 44 225 15 55
  FOX KENNETH A
  Director
  Class A
  Merrill Lynch
  555 California Street FL 18
  san francisco
  CA
  94104
  500000
  14185000.00
  282811865
  06/07/2023
  nyse
  class A
  12/28/2017
  private placement
  issuer
  N
  500000
  12/28/2017
  cash
  Y
  06/07/2023
  Kenneth A Fox