<?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>
        <ns2:submissionType>144</ns2:submissionType>
        <ns2:filerInfo>
            <ns2:filer>
                <ns2:filerCredentials>
                    <ns2:cik>0001859889</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>41-44-225-1555</ns2:issuerContactPhone>
            <ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Olivier Bernhard</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>285900</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>13983369</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>289296343</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>05/05/2025</ns2:approxSaleDate>
            <ns2:securitiesExchangeName>NYSE</ns2:securitiesExchangeName>
        </ns2:securitiesInformation>
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            <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>285900</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>01/12/2010</ns2:paymentDate>
            <ns2:natureOfPayment>N/A</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>N</ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>
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            <ns2:sellerDetails>
                <ns2:name>Olivier Bernhard</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>04/29/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>20000</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>960748</ns2:grossProceeds>
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                <ns2:name>Olivier Bernhard</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>04/28/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4000</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>185077</ns2:grossProceeds>
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                <ns2:name>Olivier Bernhard</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>04/28/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1600</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>74070</ns2:grossProceeds>
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            <ns2:sellerDetails>
                <ns2:name>Olivier Bernhard</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>04/28/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>2250</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>104206</ns2:grossProceeds>
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                <ns2:name>Olivier Bernhard</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>04/21/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>2250</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>92009</ns2:grossProceeds>
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            <ns2:sellerDetails>
                <ns2:name>Olivier Bernhard</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>04/21/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4000</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>163571</ns2:grossProceeds>
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                <ns2:name>Olivier Bernhard</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>04/21/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1600</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>65438</ns2:grossProceeds>
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        <ns2:securitiesSoldInPast3Months>
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                <ns2:name>Olivier Bernhard</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>04/14/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>2250</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>97716</ns2:grossProceeds>
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                <ns2:name>Olivier Bernhard</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>04/14/2025</ns2:saleDate>
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            <ns2:grossProceeds>69462</ns2:grossProceeds>
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                <ns2:name>Olivier Bernhard</ns2:name>
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                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>04/14/2025</ns2:saleDate>
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            <ns2:grossProceeds>173679</ns2:grossProceeds>
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                <ns2:name>Olivier Bernhard</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>04/09/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>24000</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>1082645</ns2:grossProceeds>
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                <ns2:name>Olivier Bernhard</ns2:name>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>04/07/2025</ns2:saleDate>
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            <ns2:grossProceeds>163128</ns2:grossProceeds>
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            <ns2:saleDate>04/07/2025</ns2:saleDate>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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            <ns2:grossProceeds>63670</ns2:grossProceeds>
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            <ns2:grossProceeds>96940</ns2:grossProceeds>
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            <ns2:grossProceeds>68928</ns2:grossProceeds>
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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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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                <ns2:name>Olivier Bernhard</ns2:name>
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                <ns2:name>Olivier Bernhard</ns2:name>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                <ns2:name>Olivier Bernhard</ns2:name>
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                <ns2:name>Olivier Bernhard</ns2:name>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                <ns2:name>Olivier Bernhard</ns2:name>
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                    <com:street1>Forrlibuckstrasse 190</com:street1>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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        <ns2:securitiesSoldInPast3Months>
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            <ns2:grossProceeds>195548</ns2:grossProceeds>
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            <ns2:amountOfSecuritiesSold>4000</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>195054</ns2:grossProceeds>
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            <ns2:grossProceeds>109688</ns2:grossProceeds>
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            <ns2:grossProceeds>78016</ns2:grossProceeds>
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            <ns2:grossProceeds>211495</ns2:grossProceeds>
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            <ns2:grossProceeds>118919</ns2:grossProceeds>
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            <ns2:saleDate>02/18/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1600</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>84468</ns2:grossProceeds>
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            <ns2:sellerDetails>
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                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>02/10/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4000</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>221123</ns2:grossProceeds>
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            <ns2:sellerDetails>
                <ns2:name>Olivier Bernhard</ns2:name>
                <ns2:address>
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                    <com:city>Zurich</com:city>
                    <com:stateOrCountry>V8</com:stateOrCountry>
                    <com:zipCode>8005</com:zipCode>
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            <ns2:saleDate>02/10/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>2250</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>124433</ns2:grossProceeds>
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            <ns2:sellerDetails>
                <ns2:name>Olivier Bernhard</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:saleDate>02/10/2025</ns2:saleDate>
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            <ns2:grossProceeds>88521</ns2:grossProceeds>
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        <ns2:remarks>The sales of shares set forth herein are made in connection with a selling plan dated 6/1/2024 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>05/05/2025</ns2:noticeDate>
            <ns2:planAdoptionDates>
                <ns2:planAdoptionDate>06/01/2024</ns2:planAdoptionDate>
            </ns2:planAdoptionDates>
            <ns2:signature>Goldman Sachs &amp; Co. LLC on behalf of Olivier Bernhard</ns2:signature>
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144
0001859889
XXXXXXXX
LIVE
0001858985
On Holding AG
001-40795
Forrlibuckstrasse 190
Zurich
V8
8005
41-44-225-1555
Olivier Bernhard
Other: Co-Founder
Class A Ordinary Shares
Goldman Sachs & Co. LLC
200 West Street
New York
NY
10282
285900
13983369
289296343
05/05/2025
NYSE
Class A Ordinary Shares
01/12/2010
Acquired from Issuer in private transaction
Issuer
N
285900
01/12/2010
N/A
N
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/29/2025
20000
960748
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/28/2025
4000
185077
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/28/2025
1600
74070
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/28/2025
2250
104206
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/21/2025
2250
92009
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/21/2025
4000
163571
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/21/2025
1600
65438
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/14/2025
2250
97716
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/14/2025
1600
69462
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/14/2025
4000
173679
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/09/2025
24000
1082645
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/07/2025
4000
163128
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/07/2025
2250
89793
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
04/07/2025
1600
63670
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/31/2025
2250
96940
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/31/2025
4000
172253
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/31/2025
1600
68928
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
4000
192541
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
2250
108261
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
1600
77021
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
4000
190729
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
2250
107322
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
1600
76272
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
2250
100623
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
1600
71564
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
4000
178799
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/04/2025
2250
113060
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/04/2025
1600
80515
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/04/2025
272
13649
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
24000
1173360
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
15878
780509
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
2250
109964
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
1600
78180
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
4000
195548
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
4000
195054
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
2250
109688
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
1600
78016
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
4000
211495
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
2250
118919
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
1600
84468
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
4000
221123
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
2250
124433
Olivier Bernhard
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
1600
88521
The sales of shares set forth herein are made in connection with a selling plan dated 6/1/2024 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.
05/05/2025
06/01/2024
Goldman Sachs & Co. LLC on behalf of Olivier Bernhard