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        <ns2:filerInfo>
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                    <ns2:cik>0001860218</ns2:cik>
                    <ns2:ccc>XXXXXXXX</ns2:ccc>
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            </ns2:filer>
            <ns2:liveTestFlag>LIVE</ns2:liveTestFlag>



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    </ns2:headerData>
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        <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>
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            <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>208280</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>5440273.6</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>283434752</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>10/02/2023</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>208280</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>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:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>09/29/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>572</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>16022</ns2:grossProceeds>
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                    <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>09/29/2023</ns2:saleDate>
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                <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>09/27/2023</ns2:saleDate>
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            <ns2:grossProceeds>5728</ns2:grossProceeds>
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                    <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>09/26/2023</ns2:saleDate>
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            <ns2:grossProceeds>49031</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>
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                <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:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>09/19/2023</ns2:saleDate>
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            <ns2:sellerDetails>
                <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>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                <ns2:name>Martin Hoffmann</ns2:name>
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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:name>Martin Hoffmann</ns2:name>
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                    <com:stateOrCountry>V8</com:stateOrCountry>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>09/12/2023</ns2:saleDate>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:sellerDetails>
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        <ns2:securitiesSoldInPast3Months>
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            <ns2:grossProceeds>63994</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:grossProceeds>1654057</ns2:grossProceeds>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>07/13/2023</ns2:saleDate>
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            <ns2:grossProceeds>31173</ns2:grossProceeds>
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            <ns2:saleDate>07/13/2023</ns2:saleDate>
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            <ns2:grossProceeds>62365</ns2:grossProceeds>
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            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:city>Zurich</com:city>
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            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
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                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:zipCode>8005</com:zipCode>
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            <ns2:saleDate>07/03/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>921</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>30547</ns2:grossProceeds>
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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>
                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>07/03/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1843</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>61133</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</ns2:name>
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                    <com:city>Zurich</com:city>
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                    <com:zipCode>8005</com:zipCode>
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        </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>
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                <ns2:planAdoptionDate>06/06/2023</ns2:planAdoptionDate>
            </ns2:planAdoptionDates>
            <ns2:signature>Goldman Sachs &amp; Co. LLC on behalf of Martin Hoffman</ns2:signature>
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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
208280
5440273.6
283434752
10/02/2023
NYSE
Class A Ordinary Shares
12/21/2017
Acquired from Issuer in private transaction
Issuer
N
208280
12/21/2017
NA
N
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/29/2023
572
16022
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/29/2023
50
1451
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/27/2023
219
5728
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/26/2023
1843
49031
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/26/2023
130
3539
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/19/2023
921
27389
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/19/2023
1843
54810
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/19/2023
921
27390
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/12/2023
921
27692
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/12/2023
921
27691
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/12/2023
1843
55420
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/05/2023
1843
54906
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/05/2023
921
27439
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/05/2023
921
27444
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
09/01/2023
338
9881
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/31/2023
1504
43836
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/30/2023
1843
52672
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/30/2023
921
26325
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/25/2023
921
26194
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/25/2023
1843
52423
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/15/2023
1843
54898
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/15/2023
921
27460
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/15/2023
921
27433
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/11/2023
921
32167
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/11/2023
921
32167
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/11/2023
1843
64384
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/01/2023
921
32963
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/01/2023
921
32960
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
08/01/2023
1843
65963
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/28/2023
1843
63385
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/28/2023
921
31682
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/28/2023
921
31686
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/21/2023
921
31984
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/21/2023
921
31984
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/21/2023
1843
63994
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/17/2023
47000
1654057
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/13/2023
921
31173
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/13/2023
1843
62365
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/13/2023
921
31171
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/03/2023
921
30547
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/03/2023
1843
61133
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
07/03/2023
921
30547
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.
10/02/2023
06/06/2023
Goldman Sachs & Co. LLC on behalf of Martin Hoffman