<?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">
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            <ns2:filer>
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                    <ns2:cik>0001859853</ns2:cik>
                    <ns2:ccc>XXXXXXXX</ns2:ccc>
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            </ns2:filer>
            <ns2:liveTestFlag>LIVE</ns2:liveTestFlag>



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    </ns2:headerData>
    <ns2:formData>
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            <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>David Allemann</ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <ns2:relationshipsToIssuer>
                <ns2:relationshipToIssuer>Other: Co-Founder</ns2:relationshipToIssuer>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                <ns2:name>Goldman Sachs &amp; Co. LLC</ns2:name>
                <ns2:address>
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                    <com:city>New York</com:city>
                    <com:stateOrCountry>NY</com:stateOrCountry>
                    <com:zipCode>10282</com:zipCode>
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            </ns2:brokerOrMarketmakerDetails>
            <ns2:noOfUnitsSold>305100</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>11075130</ns2:aggregateMarketValue>
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            <ns2:securitiesExchangeName>NYSE</ns2:securitiesExchangeName>
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            <ns2:acquiredDate>01/12/2010</ns2:acquiredDate>
            <ns2:natureOfAcquisitionTransaction>Acquired from Issuer in private transaction</ns2:natureOfAcquisitionTransaction>
            <ns2:nameOfPersonfromWhomAcquired>Issuer</ns2:nameOfPersonfromWhomAcquired>
            <ns2:isGiftTransaction>N</ns2:isGiftTransaction>
            <ns2:amountOfSecuritiesAcquired>305100</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>01/12/2010</ns2:paymentDate>
            <ns2:natureOfPayment>N/A</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>N</ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>
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            <ns2:sellerDetails>
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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>
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            <ns2:amountOfSecuritiesSold>900</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>32182.07</ns2:grossProceeds>
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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>05/14/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>55400</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>2007320.44</ns2:grossProceeds>
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            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>05/06/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>900</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>30678.75</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>05/03/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1570</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>52157.51</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>04/29/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>230</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>7645.55</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>04/17/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>382</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>12717.84</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</ns2:name>
                <ns2:address>
                    <com:street1>Forrlibuckstrasse 190</com:street1>
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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>04/16/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>265</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>8767.51</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</ns2:name>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>04/15/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>253</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>8411.46</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>04/09/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>880</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>29084.87</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</ns2:name>
                <ns2:address>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>04/08/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>20</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>660</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
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                <ns2:name>David Allemann</ns2:name>
                <ns2:address>
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                    <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>04/01/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>900</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>31616.35</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</ns2:name>
                <ns2:address>
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                    <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>03/25/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>900</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>31362.68</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>03/21/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>9400</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>338824.07</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>03/18/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>900</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>29951.01</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>03/11/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>900</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>30358.95</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>03/04/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>900</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>30863.31</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>02/27/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>12454</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>420499</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>02/26/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>6644</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>219447.14</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>David Allemann</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>02/15/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>3402</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>112409.04</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:remarks>The sales of 35,100 shares set forth herein are made in connection with a selling plan dated 6/6/2023 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.

Additionally, 270,000 shares put forth are sold as an open window transaction.</ns2:remarks>
        <ns2:noticeSignature>
            <ns2:noticeDate>05/15/2024</ns2:noticeDate>
            <ns2:planAdoptionDates>
                <ns2:planAdoptionDate>06/06/2023</ns2:planAdoptionDate>
            </ns2:planAdoptionDates>
            <ns2:signature>Goldman Sachs &amp; Co. LLC on behalf of David Allemann</ns2:signature>
        </ns2:noticeSignature>
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144
0001859853
XXXXXXXX
LIVE
0001858985
On Holding AG
001-40795
Forrlibuckstrasse 190
Zurich
V8
8005
41-44-225-15-55
David Allemann
Other: Co-Founder
Class A Ordinary Shares
Goldman Sachs & Co. LLC
200 West Street
New York
NY
10282
305100
11075130
284215277
05/15/2024
NYSE
Class A Ordinary Shares
01/12/2010
Acquired from Issuer in private transaction
Issuer
N
305100
01/12/2010
N/A
N
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/14/2024
900
32182.07
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/14/2024
55400
2007320.44
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/06/2024
900
30678.75
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/03/2024
1570
52157.51
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/29/2024
230
7645.55
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/17/2024
382
12717.84
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/16/2024
265
8767.51
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/15/2024
253
8411.46
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/09/2024
880
29084.87
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/08/2024
20
660
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/01/2024
900
31616.35
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/25/2024
900
31362.68
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/21/2024
9400
338824.07
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/18/2024
900
29951.01
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/11/2024
900
30358.95
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/04/2024
900
30863.31
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/27/2024
12454
420499
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/26/2024
6644
219447.14
David Allemann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/15/2024
3402
112409.04
The sales of 35,100 shares set forth herein are made in connection with a selling plan dated 6/6/2023 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.

Additionally, 270,000 shares put forth are sold as an open window transaction.
05/15/2024
06/06/2023
Goldman Sachs & Co. LLC on behalf of David Allemann