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        <ns2:filerInfo>
            <ns2:filer>
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                    <ns2:cik>0001859912</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: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>Caspar Coppetti</ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <ns2:relationshipsToIssuer>
                <ns2:relationshipToIssuer>Other:Co-Founder</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>
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            </ns2:brokerOrMarketmakerDetails>
            <ns2:noOfUnitsSold>382200</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>16786224</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>289296343</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>03/31/2025</ns2:approxSaleDate>
            <ns2:securitiesExchangeName>NYSE</ns2:securitiesExchangeName>
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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>382200</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>01/12/2010</ns2:paymentDate>
            <ns2:natureOfPayment>None</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>N</ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>
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                <ns2:name>Caspar Coppetti</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>03/24/2025</ns2:saleDate>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                    <com:zipCode>8005</com:zipCode>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>03/24/2025</ns2:saleDate>
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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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                    <com:stateOrCountry>V8</com:stateOrCountry>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>03/24/2025</ns2:saleDate>
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            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
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                <ns2:name>Caspar Coppetti</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>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Class A Ordinary Shares</ns2:securitiesClassTitle>
            <ns2:saleDate>02/03/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>262348</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>02/03/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>2500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>145771</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>01/27/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>5600</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>333136</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>01/27/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4000</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>237871</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>01/27/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4200</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>250023</ns2:grossProceeds>
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        <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>01/27/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>267735</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>01/27/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>267830</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>01/27/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>2500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>148722</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>01/27/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4100</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>243865</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>01/21/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>267928</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>01/21/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4100</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>244106</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>01/21/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>5600</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>333464</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>01/21/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>267978</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>01/21/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4000</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>238278</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>01/21/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4200</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>250112</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>01/21/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>2500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>148919</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>01/13/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>5600</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>307189</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>01/13/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4200</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>230290</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>01/13/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>246996</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>01/13/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4000</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>219779</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>01/13/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4100</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>225202</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>01/13/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>246916</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>01/13/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>2500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>137126</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>01/06/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4200</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>231080</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>01/06/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4100</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>225639</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>01/06/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>2500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>137525</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>01/06/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>247476</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>01/06/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>247534</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>01/06/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>5600</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>308174</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>01/06/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>4000</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>220071</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:remarks>The sales of shares set forth herein are made in connection with a selling plan dated 05/17/2024 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>03/31/2025</ns2:noticeDate>
            <ns2:planAdoptionDates>
                <ns2:planAdoptionDate>05/17/2024</ns2:planAdoptionDate>
            </ns2:planAdoptionDates>
            <ns2:signature>Goldman Sachs &amp; Co. LLC on behalf of Caspar Coppetti</ns2:signature>
        </ns2:noticeSignature>
    </ns2:formData>
</ns2:edgarSubmission>
[{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 70202}]
144
0001859912
XXXXXXXX
LIVE
0001858985
On Holding AG
001-40795
Forrlibuckstrasse 190
Zurich
V8
8005
41-44-225-1555
Caspar Coppetti
Other:Co-Founder
Class A Ordinary Shares
Goldman Sachs & Co. LLC
200 West Street
New York
NY
10282
382200
16786224
289296343
03/31/2025
NYSE
Class A Ordinary Shares
01/12/2010
Acquired from issuer in private transaction
Issuer
N
382200
01/12/2010
None
N
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
4500
216552
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
4500
216644
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
4200
202165
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
5600
269528
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
4100
197267
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
2500
120348
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
4000
192573
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
5600
267064
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
4200
200197
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
4500
214501
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
4000
190720
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
4500
214501
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
4100
195500
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
2500
119197
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/11/2025
381
17287
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/11/2025
2500
113414
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
4500
201296
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
2500
111810
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
4100
183194
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
5600
250349
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
4500
201295
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
1319
59754
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
4000
178867
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
5600
273228
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
4500
219906
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
4500
219711
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
2500
122149
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
4200
205237
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
4100
200256
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
4000
195412
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
4200
204786
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
4000
195106
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
4100
200037
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
4500
219508
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
5600
273162
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
2500
121977
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
4500
219483
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
4100
216557
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
4500
237778
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
4500
237686
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
4200
222002
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
5600
295773
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
4000
211313
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
2500
132119
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
4100
226749
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
4000
221210
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
5600
309795
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
4200
232346
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
2500
138253
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
4500
248896
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
4500
248854
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
5600
326786
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
4500
262525
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
4200
245043
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
4100
239184
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
4000
233614
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
4500
262348
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
2500
145771
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
5600
333136
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
4000
237871
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
4200
250023
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
4500
267735
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
4500
267830
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
2500
148722
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
4100
243865
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
4500
267928
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
4100
244106
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
5600
333464
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
4500
267978
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
4000
238278
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
4200
250112
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
2500
148919
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
5600
307189
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
4200
230290
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
4500
246996
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
4000
219779
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
4100
225202
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
4500
246916
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
2500
137126
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/06/2025
4200
231080
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/06/2025
4100
225639
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/06/2025
2500
137525
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/06/2025
4500
247476
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/06/2025
4500
247534
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/06/2025
5600
308174
Caspar Coppetti
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/06/2025
4000
220071
The sales of shares set forth herein are made in connection with a selling plan dated 05/17/2024 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.
03/31/2025
05/17/2024
Goldman Sachs & Co. LLC on behalf of Caspar Coppetti