<?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>0001859787</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>Marc Maurer</ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <ns2:relationshipsToIssuer>
                <ns2:relationshipToIssuer>Officer</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>68653</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>2812713.41</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>289296343</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>04/07/2025</ns2:approxSaleDate>
            <ns2:securitiesExchangeName>NYSE</ns2:securitiesExchangeName>
        </ns2:securitiesInformation>
        <ns2:securitiesToBeSold>
            <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>68653</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>12/21/2017</ns2:paymentDate>
            <ns2:natureOfPayment>NA</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>N</ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/31/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>81303</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/31/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>81302</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/31/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>65121</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/24/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>90831</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/24/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>72706</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/24/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>90870</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/17/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>71951</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/17/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>89854</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/17/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>89838</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/10/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>84338</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/10/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>84331</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/10/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>67539</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/03/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>73849</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/03/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>92341</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>03/03/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>92319</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>02/24/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>91978</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>02/24/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>91967</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>02/24/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>73453</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>02/18/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>79799</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>02/18/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>99721</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>02/18/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>99677</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>02/10/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>83367</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>02/10/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>104178</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>02/10/2025</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>104154</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>88103</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>110096</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>110112</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>89711</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>112106</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>112104</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>112604</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>112567</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>90115</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1509</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>82603</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>103248</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Marc Maurer</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>1886</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>103245</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:remarks>The sales of shares set forth herein are made in connection with a selling plan dated 6/4/2024 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>04/07/2025</ns2:noticeDate>
            <ns2:planAdoptionDates>
                <ns2:planAdoptionDate>06/04/2024</ns2:planAdoptionDate>
            </ns2:planAdoptionDates>
            <ns2:signature>Goldman Sachs &amp; Co. LLC on behalf of Marc Maurer</ns2:signature>
        </ns2:noticeSignature>
    </ns2:formData>
</ns2:edgarSubmission>
[{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 31514}]
144
0001859787
XXXXXXXX
LIVE
0001858985
On Holding AG
001-40795
Forrlibuckstrasse 190
Zurich
V8
8005
41-44-225-1555
Marc Maurer
Officer
Class A Ordinary Shares
Goldman Sachs & Co. LLC
200 West Street
New York
NY
10282
68653
2812713.41
289296343
04/07/2025
NYSE
Class A Ordinary Shares
12/21/2017
Acquired from Issuer in private transaction
Issuer
N
68653
12/21/2017
NA
N
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/31/2025
1886
81303
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/31/2025
1886
81302
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/31/2025
1509
65121
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
1886
90831
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
1509
72706
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/24/2025
1886
90870
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
1509
71951
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
1886
89854
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/17/2025
1886
89838
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
1886
84338
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
1886
84331
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/10/2025
1509
67539
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
1509
73849
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
1886
92341
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
03/03/2025
1886
92319
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
1886
91978
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
1886
91967
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/24/2025
1509
73453
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
1509
79799
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
1886
99721
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/18/2025
1886
99677
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
1509
83367
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
1886
104178
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/10/2025
1886
104154
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
1509
88103
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
1886
110096
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
02/03/2025
1886
110112
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
1509
89711
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
1886
112106
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/27/2025
1886
112104
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
1886
112604
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
1886
112567
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/21/2025
1509
90115
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
1509
82603
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
1886
103248
Marc Maurer
Forrlibuckstrasse 190
Zurich
V8
8005
Class A Ordinary Shares
01/13/2025
1886
103245
The sales of shares set forth herein are made in connection with a selling plan dated 6/4/2024 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.
04/07/2025
06/04/2024
Goldman Sachs & Co. LLC on behalf of Marc Maurer