  We present ROSAT PSPC and HRI observations of the dwarf irregular galaxy
Holmberg II (UGC4305). This is one of the most luminous dwarf galaxies (Lx~
10^{40} erg s^{-1} cm^{-2}) detected in the ROSAT All-Sky Survey. The X-ray
emission comes from a single unresolved point source, coincident with a large
HII region which emits intense radio emission. The source is variable on both
year and day timescales, clearly favouring accretion into a compact object
rather than a supernova remnant or a superbubble interpretation for the origin
of the X-ray emission. However, its X-ray spectrum is well-fit by a a
Raymond-Smith spectrum with kT~0.8 keV, lower than the temperature of X-ray
binaries in nearby spiral galaxies.
