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        <filerCredentials>
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          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
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      <issuerCik>0001858985</issuerCik>
      <issuerName>On Holding AG</issuerName>
      <secFileNumber>001-40795</secFileNumber>
      <issuerAddress>
        <com:street1>FORRLIBUCKSTRASSE 190</com:street1>
        <com:city>8005 ZURICH</com:city>
        <com:stateOrCountry>V8</com:stateOrCountry>
        <com:zipCode>00000</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>41 44 225 15 55</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Point Break Capital LP</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Affiliate</relationshipToIssuer>
      </relationshipsToIssuer>
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    <securitiesInformation>
      <securitiesClassTitle>Class A Ordinary Shares</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <address>
          <com:street1>1585 Broadway, 5th Floor</com:street1>
          <com:street2>Compliance Department</com:street2>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10036</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>877979</noOfUnitsSold>
      <aggregateMarketValue>26506186.01</aggregateMarketValue>
      <noOfUnitsOutstanding>282811865</noOfUnitsOutstanding>
      <approxSaleDate>05/17/2023</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Class A Ordinary Shares</securitiesClassTitle>
      <acquiredDate>10/11/2016</acquiredDate>
      <natureOfAcquisitionTransaction>Private Transaction</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Multiple Sellers</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>40203750</amountOfSecuritiesAcquired>
      <paymentDate>10/11/2016</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <noticeSignature>
      <noticeDate>05/17/2023</noticeDate>
      <signature>Gabriel Crestian Cunha</signature>
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144
0001885141
XXXXXXXX
LIVE
0001858985
On Holding AG
001-40795
FORRLIBUCKSTRASSE 190
8005 ZURICH
V8
00000
41 44 225 15 55
Point Break Capital LP
Affiliate
Class A Ordinary Shares
Morgan Stanley & Co. LLC
1585 Broadway, 5th Floor
Compliance Department
New York
NY
10036
877979
26506186.01
282811865
05/17/2023
NYSE
Class A Ordinary Shares
10/11/2016
Private Transaction
Multiple Sellers
N
40203750
10/11/2016
Cash
Y
05/17/2023
Gabriel Crestian Cunha