<?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>
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        <ns2:filerInfo>
            <ns2:filer>
                <ns2:filerCredentials>
                    <ns2:cik>0001859912</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>Caspar Coppetti</ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <ns2:relationshipsToIssuer>
                <ns2:relationshipToIssuer>Other:Co-Founder</ns2:relationshipToIssuer>
            </ns2:relationshipsToIssuer>
        </ns2:issuerInfo>
        <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>285000</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>11115000</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>284215277</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>05/24/2024</ns2:approxSaleDate>
            <ns2:securitiesExchangeName>NYSE</ns2:securitiesExchangeName>
        </ns2:securitiesInformation>
        <ns2:securitiesToBeSold>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <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>285000</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>01/12/2010</ns2:paymentDate>
            <ns2:natureOfPayment>N/A</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>N</ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>05/14/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>22500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>806852.61</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>05/13/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>7500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>230125</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>04/29/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>7500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>244810.31</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>04/15/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>7500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>245007.11</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>04/01/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>7500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>263794.76</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>04/01/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>7500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>263504.36</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>68479</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>2442061.46</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>03/20/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>3900</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>136581.83</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>7500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>247909.71</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>7500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>257216.89</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>03/01/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>52513</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Caspar Coppetti</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>02/29/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>38621</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>1355908.15</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:remarks>The sales of shares set forth herein are made in connection with a selling plan dated 6/1/2023 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>05/24/2024</ns2:noticeDate>
            <ns2:planAdoptionDates>
                <ns2:planAdoptionDate>06/01/2023</ns2:planAdoptionDate>
            </ns2:planAdoptionDates>
            <ns2:signature>Goldman Sachs &amp; Co. LLC on behalf of Caspar Coppetti</ns2:signature>
        </ns2:noticeSignature>
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144
0001859912
XXXXXXXX
LIVE
0001858985
On Holding AG
001-40795
Forrlibuckstrasse 190
Zurich
V8
8005
41-44-225-15-55
Caspar Coppetti
Other:Co-Founder
Class A Ordinary Shares
Goldman Sachs & Co. LLC
200 West Street
New York
NY
10282
285000
11115000
284215277
05/24/2024
NYSE
Class A Ordinary Shares
01/12/2010
Acquired from Issuer in private transaction
Issuer
N
285000
01/12/2010
N/A
N
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/14/2024
22500
806852.61
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
05/13/2024
7500
230125
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/29/2024
7500
244810.31
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/15/2024
7500
245007.11
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/01/2024
7500
263794.76
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/01/2024
7500
263504.36
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/21/2024
68479
2442061.46
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/20/2024
3900
136581.83
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/18/2024
7500
247909.71
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/04/2024
7500
257216.89
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/01/2024
1500
52513
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/29/2024
38621
1355908.15
The sales of shares set forth herein are made in connection with a selling plan dated 6/1/2023 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.
05/24/2024
06/01/2023
Goldman Sachs & Co. LLC on behalf of Caspar Coppetti