Linda Xie, former Coinbase Product Lead: “Reviewing my angel investments over the past decade—six of my investments that returned more than principal were all in crypto; the highest paper return came from an AI company.”

Linda Xie, co-founder of Scalar Capital and former Head of Product at Coinbase, recently reflected on her decade-long personal angel investing practice: she has invested in a total of 50 startups—60% (30) in crypto, 10% (5) in AI, and the remaining 20% across other sectors. To date, six investments have generated outsized returns—i.e., proceeds exceeding the initial investment amount—all within the crypto space: five exited via token warrants, and one via equity. However, no single exit has yet recouped the total principal invested across her entire portfolio. The highest unrealized return—and one that significantly outpaces all other investments—comes from an AI company; if this investment exits successfully, its proceeds would theoretically cover the full initial capital deployed across her entire portfolio. Meanwhile, 12 portfolio companies have either shut down or exited via talent acquisitions: seven investments returned nothing, and four returned only the full initial principal.