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        <ns2:filerInfo>
            <ns2:filer>
                <ns2:filerCredentials>
                    <ns2:cik>0001859787</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>Marc Maurer</ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <ns2:relationshipsToIssuer>
                <ns2:relationshipToIssuer>Officer</ns2:relationshipToIssuer>
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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>175165</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>6169311.3</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>284215277</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>04/02/2024</ns2:approxSaleDate>
            <ns2:securitiesExchangeName>NYSE</ns2:securitiesExchangeName>
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            <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>175165</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>12/21/2017</ns2:paymentDate>
            <ns2:natureOfPayment>NA</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>N</ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>
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            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/11/2024</ns2:saleDate>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                <ns2:name>Marc Maurer</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>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                    <com:stateOrCountry>V8</com:stateOrCountry>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                    <com:stateOrCountry>V8</com:stateOrCountry>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                <ns2:name>Marc Maurer</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:amountOfSecuritiesSold>960</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>28549.73</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
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                    <com:street1>Forrlibuckstrasse 190</com:street1>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>02/05/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>41038.31</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</ns2:name>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>03/04/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1132</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>38785.26</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>04/01/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>53397.17</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</ns2:name>
                <ns2:address>
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            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>03/25/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>52862.68</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/19/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>51547.44</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>01/02/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>40438.63</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>03/25/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1132</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>39400.05</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>02/26/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1132</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>37210.88</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>33221</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>1132968.98</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/04/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>51474.4</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>22644</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>735153.31</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>13501</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>486666.5</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>51551.97</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:remarks>The sales of 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.</ns2:remarks>
        <ns2:noticeSignature>
            <ns2:noticeDate>04/02/2024</ns2:noticeDate>
            <ns2:planAdoptionDates>
                <ns2:planAdoptionDate>06/06/2023</ns2:planAdoptionDate>
            </ns2:planAdoptionDates>
            <ns2:signature>Goldman Sachs &amp; Co. LLC on behalf of Marc Maurer</ns2:signature>
        </ns2:noticeSignature>
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144
0001859787
XXXXXXXX
LIVE
0001858985
On Holding AG
001-40795
Forrlibuckstrasse 190
Zurich
V8
8005
41-44-225-15-55
Marc Maurer
Officer
Class A Ordinary Shares
Goldman Sachs & Co. LLC
200 West Street
New York
NY
10282
175165
6169311.3
284215277
04/02/2024
NYSE
Class A Ordinary Shares
12/21/2017
Acquired from Issuer in private transaction
Issuer
N
175165
12/21/2017
NA
N
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/11/2024
1132
38491.74
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/01/2024
1509
52681.91
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/11/2024
1132
38105.95
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/04/2024
1509
52022.47
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/26/2024
1509
49404.21
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/11/2024
1150
38349.62
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/22/2024
1509
41870.98
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/13/2024
296
8900.66
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/18/2024
1132
37836.87
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/01/2024
1132
39811.99
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/12/2024
8760
264151.67
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/12/2024
359
10404.18
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/04/2024
1132
38868.58
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/25/2024
1509
52264.37
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/08/2024
1509
42566.32
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/29/2024
1509
40557.69
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/22/2024
1132
36430.59
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/20/2024
1509
47269.73
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/12/2024
549
16440.35
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/01/2024
1132
39663.13
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/20/2024
1132
35753.09
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/18/2024
1132
37401.73
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/18/2024
1509
49481.02
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/26/2024
1132
37376.6
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/25/2024
1132
39550.16
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/16/2024
1509
42106.08
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/13/2024
960
28549.73
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/05/2024
1509
41038.31
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/04/2024
1132
38785.26
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/01/2024
1509
53397.17
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/25/2024
1509
52862.68
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/19/2024
1509
51547.44
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/02/2024
1509
40438.63
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/25/2024
1132
39400.05
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/26/2024
1132
37210.88
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/27/2024
33221
1132968.98
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/04/2024
1509
51474.4
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/15/2024
22644
735153.31
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/21/2024
13501
486666.5
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/11/2024
1509
51551.97
The sales of 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.
04/02/2024
06/06/2023
Goldman Sachs & Co. LLC on behalf of Marc Maurer