<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>144</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001859787</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0001858985</issuerCik>
      <issuerName>On Holding AG</issuerName>
      <secFileNumber>001-40795</secFileNumber>
      <issuerAddress>
        <com:street1>FORRLIBUCKSTRASSE 190</com:street1>
        <com:city>8005 ZURICH</com:city>
        <com:stateOrCountry>V8</com:stateOrCountry>
        <com:zipCode>00000</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>41 44 225 15 55</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Maurer Marc</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Officer</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Fidelity Brokerage Services LLC</name>
        <address>
          <com:street1>900 Salem Street</com:street1>
          <com:city>Smithfield</com:city>
          <com:stateOrCountry>RI</com:stateOrCountry>
          <com:zipCode>02917</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>120000</noOfUnitsSold>
      <aggregateMarketValue>5488815.81</aggregateMarketValue>
      <noOfUnitsOutstanding>284215277</noOfUnitsOutstanding>
      <approxSaleDate>09/04/2024</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <acquiredDate>09/04/2024</acquiredDate>
      <natureOfAcquisitionTransaction>Option Granted 11/29/2021</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>120000</amountOfSecuritiesAcquired>
      <paymentDate>09/04/2024</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>06/10/2024</saleDate>
      <amountOfSecuritiesSold>5282</amountOfSecuritiesSold>
      <grossProceeds>226131.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>06/17/2024</saleDate>
      <amountOfSecuritiesSold>5282</amountOfSecuritiesSold>
      <grossProceeds>219613.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>06/24/2024</saleDate>
      <amountOfSecuritiesSold>5282</amountOfSecuritiesSold>
      <grossProceeds>206603.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>07/01/2024</saleDate>
      <amountOfSecuritiesSold>5282</amountOfSecuritiesSold>
      <grossProceeds>201419.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>07/08/2024</saleDate>
      <amountOfSecuritiesSold>5282</amountOfSecuritiesSold>
      <grossProceeds>198959.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>07/15/2024</saleDate>
      <amountOfSecuritiesSold>5282</amountOfSecuritiesSold>
      <grossProceeds>196772.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>07/22/2024</saleDate>
      <amountOfSecuritiesSold>5282</amountOfSecuritiesSold>
      <grossProceeds>211438.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>07/29/2024</saleDate>
      <amountOfSecuritiesSold>5282</amountOfSecuritiesSold>
      <grossProceeds>211181.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>08/05/2024</saleDate>
      <amountOfSecuritiesSold>5282</amountOfSecuritiesSold>
      <grossProceeds>196896.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>08/12/2024</saleDate>
      <amountOfSecuritiesSold>5282</amountOfSecuritiesSold>
      <grossProceeds>212590.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>08/19/2024</saleDate>
      <amountOfSecuritiesSold>5282</amountOfSecuritiesSold>
      <grossProceeds>223877.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Marc Maurer</name>
        <address>
          <com:street1>Forrlibuckstrasse 190</com:street1>
          <com:city>Zurich</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8005</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <saleDate>08/26/2024</saleDate>
      <amountOfSecuritiesSold>71692</amountOfSecuritiesSold>
      <grossProceeds>3195312.44</grossProceeds>
    </securitiesSoldInPast3Months>
    <noticeSignature>
      <noticeDate>09/04/2024</noticeDate>
      <signature>/s/ Emily Navaro, as a duly authorized representative of Fidelity Brokerage Services LLC, as attorney-in-fact for  Marc Maurer.</signature>
    </noticeSignature>
  </formData>
</edgarSubmission>
