content: <?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
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      <submissionType>144</submissionType>
      <filerInfo>
        <filer>
          <filerCredentials>
            <cik>0001860218</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>Hoffmann Martin</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
        <relationshipsToIssuer>
          <relationshipToIssuer>Officer</relationshipToIssuer>
        </relationshipsToIssuer>
      </issuerInfo>
      <securitiesInformation>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <brokerOrMarketmakerDetails>
          <name>Fidelity Brokerage Services LLC</name>
          <address>
            <com:street1>900 Salem Street</com:street1>
            <com:city>Smithfield</com:city>
            <com:stateOrCountry>RI</com:stateOrCountry>
            <com:zipCode>02917</com:zipCode>
          </address>
        </brokerOrMarketmakerDetails>
        <noOfUnitsSold>30000</noOfUnitsSold>
        <aggregateMarketValue>1791237.71</aggregateMarketValue>
        <noOfUnitsOutstanding>289296343</noOfUnitsOutstanding>
        <approxSaleDate>05/16/2025</approxSaleDate>
        <securitiesExchangeName>NYSE</securitiesExchangeName>
      </securitiesInformation>
      <securitiesToBeSold>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <acquiredDate>04/01/2025</acquiredDate>
        <natureOfAcquisitionTransaction>Stock Option Exercise</natureOfAcquisitionTransaction>
        <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
        <isGiftTransaction>N</isGiftTransaction>
        <amountOfSecuritiesAcquired>12000</amountOfSecuritiesAcquired>
        <paymentDate>04/01/2025</paymentDate>
        <natureOfPayment>Cash</natureOfPayment>
      </securitiesToBeSold>
      <securitiesToBeSold>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <acquiredDate>05/16/2025</acquiredDate>
        <natureOfAcquisitionTransaction>Option Granted 11/29/2021</natureOfAcquisitionTransaction>
        <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
        <isGiftTransaction>N</isGiftTransaction>
        <amountOfSecuritiesAcquired>18000</amountOfSecuritiesAcquired>
        <paymentDate>05/16/2025</paymentDate>
        <natureOfPayment>Cash</natureOfPayment>
      </securitiesToBeSold>
      <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>02/18/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>233337.00</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>02/24/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>215394.00</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>03/03/2025</saleDate>
        <amountOfSecuritiesSold>54415</amountOfSecuritiesSold>
        <grossProceeds>2660845.00</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>03/06/2025</saleDate>
        <amountOfSecuritiesSold>7988</amountOfSecuritiesSold>
        <grossProceeds>408526.29</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>03/10/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>197342.00</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>03/17/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>210473.00</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>03/24/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>21249.00</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>03/31/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>191522.70</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>04/07/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>175148.35</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>04/14/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>191702.83</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>04/21/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>180468.42</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>04/28/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>204349.00</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>05/05/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>216649.35</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Martin Hoffmann</name>
          <address>
            <com:street1>Forrlibuckstrasse 190</com:street1>
            <com:city>Zurich</com:city>
            <com:stateOrCountry>V8</com:stateOrCountry>
            <com:zipCode>8005</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A</securitiesClassTitle>
        <saleDate>05/12/2025</saleDate>
        <amountOfSecuritiesSold>4451</amountOfSecuritiesSold>
        <grossProceeds>225122.17</grossProceeds>
      </securitiesSoldInPast3Months>
      <noticeSignature>
        <noticeDate>05/16/2025</noticeDate>
        <signature>/s/Wade Moss, as a duly authorized representative of Fidelity Brokerage Services LLC, as attorney-in-fact for Martin Hoffmann </signature>
      </noticeSignature>
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metadata_documents: [{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 11548}]
text: 144
  0001860218
  XXXXXXXX
  LIVE
  0001858985
  On Holding AG
  001-40795
  FORRLIBUCKSTRASSE 190
  8005 ZURICH
  V8
  00000
  41 44 225 15 55
  Hoffmann Martin
  Officer
  Class A
  Fidelity Brokerage Services LLC
  900 Salem Street
  Smithfield
  RI
  02917
  30000
  1791237.71
  289296343
  05/16/2025
  NYSE
  Class A
  04/01/2025
  Stock Option Exercise
  Issuer
  N
  12000
  04/01/2025
  Cash
  Class A
  05/16/2025
  Option Granted 11/29/2021
  Issuer
  N
  18000
  05/16/2025
  Cash
  N
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  02/18/2025
  4451
  233337.00
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  02/24/2025
  4451
  215394.00
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  03/03/2025
  54415
  2660845.00
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  03/06/2025
  7988
  408526.29
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  03/10/2025
  4451
  197342.00
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  03/17/2025
  4451
  210473.00
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  03/24/2025
  4451
  21249.00
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  03/31/2025
  4451
  191522.70
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  04/07/2025
  4451
  175148.35
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  04/14/2025
  4451
  191702.83
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  04/21/2025
  4451
  180468.42
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  04/28/2025
  4451
  204349.00
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  05/05/2025
  4451
  216649.35
  Martin Hoffmann
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  Class A
  05/12/2025
  4451
  225122.17
  05/16/2025
  /s/Wade Moss, as a duly authorized representative of Fidelity Brokerage Services LLC, as attorney-in-fact for Martin Hoffmann