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        <ns2:filerInfo>
            <ns2:filer>
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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>



        </ns2:filerInfo>
    </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>169064</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>5951052.8</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>169064</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: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>01/02/2024</ns2:saleDate>
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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>01/08/2024</ns2:saleDate>
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            <ns2:grossProceeds>83036.56</ns2:grossProceeds>
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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:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>01/16/2024</ns2:saleDate>
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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:grossProceeds>81676.81</ns2:grossProceeds>
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                    <com:stateOrCountry>V8</com:stateOrCountry>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>01/29/2024</ns2:saleDate>
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            <ns2:grossProceeds>79159.98</ns2:grossProceeds>
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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>02/05/2024</ns2:saleDate>
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            <ns2:grossProceeds>80039.11</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
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                <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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                    <com:stateOrCountry>V8</com:stateOrCountry>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:sellerDetails>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:grossProceeds>92533.69</ns2:grossProceeds>
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            <ns2:sellerDetails>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:sellerDetails>
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            <ns2:sellerDetails>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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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:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Martin Hoffmann</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>2943</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>103375.09</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 Martin Hoffmann</ns2:signature>
        </ns2:noticeSignature>
    </ns2:formData>
</ns2:edgarSubmission>
[{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 24826}]
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
169064
5951052.8
284215277
04/02/2024
NYSE
Class A Ordinary Shares
12/21/2017
Acquired from Issuer in private transaction
Issuer
N
169064
12/21/2017
NA
N
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/02/2024
2943
78864.14
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/08/2024
2943
83036.56
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/16/2024
2943
82127.35
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/22/2024
2943
81676.81
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/29/2024
2943
79159.98
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/05/2024
2943
80039.11
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/12/2024
2943
88591.05
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/15/2024
6600
218109.51
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/20/2024
2943
92533.69
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/26/2024
2943
96762.41
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/26/2024
8982
296850.45
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/27/2024
28859
975033.84
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/27/2024
559
18872.32
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/29/2024
23622
829262.12
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/01/2024
1000
35003.5
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/04/2024
2943
100936.29
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/11/2024
2943
99356.98
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/18/2024
2943
97231.4
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/20/2024
2300
80533.01
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/21/2024
18078
644320.85
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/21/2024
7695
277345.03
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/22/2024
340
11908.05
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/25/2024
2943
102552.08
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/25/2024
740
25917.48
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/26/2024
420
14385.24
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/01/2024
32500
1141810.87
Martin Hoffmann
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/01/2024
2943
103375.09
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 Martin Hoffmann