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        <filer>
          <filerCredentials>
            <cik>0001861118</cik>
            <ccc>XXXXXXXX</ccc>
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        <liveTestFlag>LIVE</liveTestFlag>
  
  
  
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        <issuerName>On Holding AG</issuerName>
        <secFileNumber>001-40795</secFileNumber>
        <issuerAddress>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </issuerAddress>
        <issuerContactPhone>41442251555</issuerContactPhone>
        <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Alexandre Jose Da Costa Perez</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
        <relationshipsToIssuer>
          <relationshipToIssuer>Affiliate</relationshipToIssuer>
        </relationshipsToIssuer>
      </issuerInfo>
      <securitiesInformation>
        <securitiesClassTitle>Class A Ordinary Shares</securitiesClassTitle>
        <brokerOrMarketmakerDetails>
          <name>J.P. Morgan Securities LLC</name>
          <address>
            <com:street1>390 Madison Avenue - 6th Floor</com:street1>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10017</com:zipCode>
          </address>
        </brokerOrMarketmakerDetails>
        <noOfUnitsSold>750000</noOfUnitsSold>
        <aggregateMarketValue>21487500</aggregateMarketValue>
        <noOfUnitsOutstanding>282810000</noOfUnitsOutstanding>
        <approxSaleDate>06/05/2023</approxSaleDate>
        <securitiesExchangeName>NYSE</securitiesExchangeName>
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      <securitiesToBeSold>
        <securitiesClassTitle>Class A Ordinary Shares</securitiesClassTitle>
        <acquiredDate>09/10/2021</acquiredDate>
        <natureOfAcquisitionTransaction>Withdrawal from limited partnership</natureOfAcquisitionTransaction>
        <nameOfPersonfromWhomAcquired>Point Break Capital L.P.</nameOfPersonfromWhomAcquired>
        <isGiftTransaction>N</isGiftTransaction>
        <amountOfSecuritiesAcquired>4470626</amountOfSecuritiesAcquired>
        <paymentDate>09/10/2021</paymentDate>
        <natureOfPayment>Withdrawal in-kind from capital account</natureOfPayment>
      </securitiesToBeSold>
      <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Point Break Capital LP</name>
          <address>
            <com:street1>89 Nexus Way, Camana Bay</com:street1>
            <com:city>Grand Cayman</com:city>
            <com:stateOrCountry>E9</com:stateOrCountry>
            <com:zipCode>KY1-9009</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A Ordinary Shares</securitiesClassTitle>
        <saleDate>05/17/2023</saleDate>
        <amountOfSecuritiesSold>541486</amountOfSecuritiesSold>
        <grossProceeds>15264815</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Point Break Capital LP</name>
          <address>
            <com:street1>89 Nexus Way, Camana Bay</com:street1>
            <com:city>Grand Cayman</com:city>
            <com:stateOrCountry>E9</com:stateOrCountry>
            <com:zipCode>KY1-9009</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A Ordinary Shares</securitiesClassTitle>
        <saleDate>05/18/2023</saleDate>
        <amountOfSecuritiesSold>4500</amountOfSecuritiesSold>
        <grossProceeds>126046</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Point Break Capital LP</name>
          <address>
            <com:street1>89 Nexus Way, Camana Bay</com:street1>
            <com:city>Grand Cayman</com:city>
            <com:stateOrCountry>E9</com:stateOrCountry>
            <com:zipCode>KY1-9009</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A Ordinary Shares</securitiesClassTitle>
        <saleDate>05/30/2023</saleDate>
        <amountOfSecuritiesSold>107245</amountOfSecuritiesSold>
        <grossProceeds>2969389</grossProceeds>
      </securitiesSoldInPast3Months>
      <securitiesSoldInPast3Months>
        <sellerDetails>
          <name>Point Break Capital LP</name>
          <address>
            <com:street1>89 Nexus Way, Camana Bay</com:street1>
            <com:city>Grand Cayman</com:city>
            <com:stateOrCountry>E9</com:stateOrCountry>
            <com:zipCode>KY1-9009</com:zipCode>
          </address>
        </sellerDetails>
        <securitiesClassTitle>Class A Ordinary Shares</securitiesClassTitle>
        <saleDate>05/31/2023</saleDate>
        <amountOfSecuritiesSold>224748</amountOfSecuritiesSold>
        <grossProceeds>6154949</grossProceeds>
      </securitiesSoldInPast3Months>
      <noticeSignature>
        <noticeDate>06/05/2023</noticeDate>
        <signature>/s/ J.P. Morgan Securities LLC as agent and attorney-in-fact for Alexandre Jose da Costa Perez</signature>
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text: 144
  0001861118
  XXXXXXXX
  LIVE
  0001858985
  On Holding AG
  001-40795
  Forrlibuckstrasse 190
  Zurich
  V8
  8005
  41442251555
  Alexandre Jose Da Costa Perez
  Affiliate
  Class A Ordinary Shares
  J.P. Morgan Securities LLC
  390 Madison Avenue - 6th Floor
  New York
  NY
  10017
  750000
  21487500
  282810000
  06/05/2023
  NYSE
  Class A Ordinary Shares
  09/10/2021
  Withdrawal from limited partnership
  Point Break Capital L.P.
  N
  4470626
  09/10/2021
  Withdrawal in-kind from capital account
  N
  Point Break Capital LP
  89 Nexus Way, Camana Bay
  Grand Cayman
  E9
  KY1-9009
  Class A Ordinary Shares
  05/17/2023
  541486
  15264815
  Point Break Capital LP
  89 Nexus Way, Camana Bay
  Grand Cayman
  E9
  KY1-9009
  Class A Ordinary Shares
  05/18/2023
  4500
  126046
  Point Break Capital LP
  89 Nexus Way, Camana Bay
  Grand Cayman
  E9
  KY1-9009
  Class A Ordinary Shares
  05/30/2023
  107245
  2969389
  Point Break Capital LP
  89 Nexus Way, Camana Bay
  Grand Cayman
  E9
  KY1-9009
  Class A Ordinary Shares
  05/31/2023
  224748
  6154949
  06/05/2023
  /s/ J.P. Morgan Securities LLC as agent and attorney-in-fact for Alexandre Jose da Costa Perez