<?xml version="1.0" encoding="UTF-8"?><ns2:edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns:ns2="http://www.sec.gov/edgar/ownership">
    <ns2:headerData>
        <ns2:submissionType>144</ns2:submissionType>
        <ns2:filerInfo>
            <ns2:filer>
                <ns2:filerCredentials>
                    <ns2:cik>0001860218</ns2:cik>
                    <ns2:ccc>XXXXXXXX</ns2:ccc>
                </ns2:filerCredentials>
            </ns2:filer>
            <ns2:liveTestFlag>LIVE</ns2:liveTestFlag>



        </ns2:filerInfo>
    </ns2:headerData>
    <ns2:formData>
        <ns2:issuerInfo>
            <ns2:issuerCik>0001858985</ns2:issuerCik>
            <ns2:issuerName>On Holding AG</ns2:issuerName>
            <ns2:secFileNumber>001-40795</ns2:secFileNumber>
            <ns2:issuerAddress>
                <com:street1>Forrlibuckstrasse 190</com:street1>
                <com:city>Zurich</com:city>
                <com:stateOrCountry>V8</com:stateOrCountry>
                <com:zipCode>8005</com:zipCode>
            </ns2:issuerAddress>
            <ns2:issuerContactPhone>41-44-225-15-55</ns2:issuerContactPhone>
            <ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Martin Hoffman</ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <ns2:relationshipsToIssuer>
                <ns2:relationshipToIssuer>Officer</ns2:relationshipToIssuer>
            </ns2:relationshipsToIssuer>
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        <ns2:securitiesInformation>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:brokerOrMarketmakerDetails>
                <ns2:name>Goldman Sachs &amp; Co. LLC</ns2:name>
                <ns2:address>
                    <com:street1>200 West Street</com:street1>
                    <com:city>New York</com:city>
                    <com:stateOrCountry>NY</com:stateOrCountry>
                    <com:zipCode>10282</com:zipCode>
                </ns2:address>
            </ns2:brokerOrMarketmakerDetails>
            <ns2:noOfUnitsSold>130850</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>4609845.5</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>282811865</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>07/28/2023</ns2:approxSaleDate>
            <ns2:securitiesExchangeName>NYSE</ns2:securitiesExchangeName>
        </ns2:securitiesInformation>
        <ns2:securitiesToBeSold>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:acquiredDate>12/21/2017</ns2:acquiredDate>
            <ns2:natureOfAcquisitionTransaction>Acquired from Issuer in private transaction</ns2:natureOfAcquisitionTransaction>
            <ns2:nameOfPersonfromWhomAcquired>Issuer</ns2:nameOfPersonfromWhomAcquired>
            <ns2:isGiftTransaction>N</ns2:isGiftTransaction>
            <ns2:amountOfSecuritiesAcquired>130850</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>12/21/2017</ns2:paymentDate>
            <ns2:natureOfPayment>NA</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>N</ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/04/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>30170.3</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
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            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>07/13/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1843</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>61786.76</ns2:grossProceeds>
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            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/29/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1843</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>58112.19</ns2:grossProceeds>
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            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/05/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>44899</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>1538378.93</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/08/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>25601</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>876757.45</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>07/03/2023</ns2:saleDate>
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            <ns2:grossProceeds>60917.23</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/30/2023</ns2:saleDate>
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            <ns2:grossProceeds>50720.65</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>07/17/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>47000</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>1654056.9</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/24/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>621</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>16148.79</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
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                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/09/2023</ns2:saleDate>
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                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:street1>Forrlibuckstrasse 190</com:street1>
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                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/20/2023</ns2:saleDate>
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            <ns2:grossProceeds>53531.41</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/12/2023</ns2:saleDate>
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            <ns2:grossProceeds>60365.07</ns2:grossProceeds>
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            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/14/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>28079.26</ns2:grossProceeds>
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            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/12/2023</ns2:saleDate>
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            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:zipCode>8005</com:zipCode>
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            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                <ns2:name>Martin Hoffmann</ns2:name>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/23/2023</ns2:saleDate>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
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                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/19/2023</ns2:saleDate>
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            <ns2:sellerDetails>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
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                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/29/2023</ns2:saleDate>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:street1>Forrlibuckstrasse 190</com:street1>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>07/03/2023</ns2:saleDate>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/04/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>29932.41</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
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                <ns2:address>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/06/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>300</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>8711.01</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/22/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>821</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>22612.23</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
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                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>07/21/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1843</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>63661.09</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/09/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1843</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>55867.6</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/20/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>27199.62</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
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                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/14/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1843</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>55209.65</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>07/03/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>30601.97</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>07/13/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>31597.12</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>05/23/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1222</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>32666.14</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/29/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>29659.06</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>07/21/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>32205.99</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/09/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>28226.16</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:street1>Forrlibuckstrasse 190</com:street1>
                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>06/20/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>27062.39</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:remarks>The sales of shares set forth herein are made in connection with a selling plan dated 09/05/2022 that is intended to comply with Rule 10b5-1(c). The representation below regarding the seller's knowledge of material information was true as of the date the selling plan was entered into.</ns2:remarks>
        <ns2:noticeSignature>
            <ns2:noticeDate>07/28/2023</ns2:noticeDate>
            <ns2:planAdoptionDates>
                <ns2:planAdoptionDate>09/05/2022</ns2:planAdoptionDate>
            </ns2:planAdoptionDates>
            <ns2:signature>Goldman Sachs &amp; Co. LLC on behalf of Martin Hoffman</ns2:signature>
        </ns2:noticeSignature>
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</ns2:edgarSubmission>
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144
0001860218
XXXXXXXX
LIVE
0001858985
On Holding AG
001-40795
Forrlibuckstrasse 190
Zurich
V8
8005
41-44-225-15-55
Martin Hoffman
Officer
Class A Ordinary Shares
Goldman Sachs & Co. LLC
200 West Street
New York
NY
10282
130850
4609845.5
282811865
07/28/2023
NYSE
Class A Ordinary Shares
12/21/2017
Acquired from Issuer in private transaction
Issuer
N
130850
12/21/2017
NA
N
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/04/2023
921
30170.3
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/13/2023
1843
61786.76
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/29/2023
1843
58112.19
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/05/2023
44899
1538378.93
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/08/2023
25601
876757.45
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/03/2023
1843
60917.23
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/30/2023
1843
50720.65
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/17/2023
47000
1654056.9
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/24/2023
621
16148.79
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/09/2023
3384
104496.23
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/20/2023
1843
53531.41
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/12/2023
1843
60365.07
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/14/2023
921
28079.26
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/14/2023
921
27872.13
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/12/2023
921
30372.46
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/30/2023
921
25558.58
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/12/2023
921
30679.71
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/22/2023
100
2741.17
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/23/2023
921
25252.25
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/19/2023
1743
46595.62
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/21/2023
921
32095.01
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/13/2023
921
31324.41
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/19/2023
100
2702
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/29/2023
921
29339.19
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/04/2023
1843
59648.88
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/03/2023
921
30707.61
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/04/2023
921
29932.41
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/06/2023
300
8711.01
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/22/2023
821
22612.23
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/21/2023
1843
63661.09
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/09/2023
1843
55867.6
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/20/2023
921
27199.62
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/14/2023
1843
55209.65
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/03/2023
921
30601.97
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/13/2023
921
31597.12
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/23/2023
1222
32666.14
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/29/2023
921
29659.06
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/21/2023
921
32205.99
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/09/2023
921
28226.16
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
06/20/2023
921
27062.39
The sales of shares set forth herein are made in connection with a selling plan dated 09/05/2022 that is intended to comply with Rule 10b5-1(c). The representation below regarding the seller's knowledge of material information was true as of the date the selling plan was entered into.
07/28/2023
09/05/2022
Goldman Sachs & Co. LLC on behalf of Martin Hoffman