A warm DAC?

I second MHDT Orchid

Interesting comment about the Gungnir besting the Qutest. I've owned both and my impression is exactly the opposite.

At the Arizona Audio Video Club DAC shootout last August (well designed, level matched, 0.5 seconds between selection switching using a $100k+ system in a purpose built room), most of the thirty or slightly more participants choose the Qutest over the Yaggdrasil. The Black Ice Audio Glass FX Tube DAC DSD came out on top.

My highest recommendation for your budget goes to the Lampizator Atlantic. I suggest you contact Lukasz Fikus directly @ lampizatorpoland@gmail.com.

Musical Paradise MP D2 mk3.  User can roll both tubes and caps.  And you can use both 12 or 6 volt signal tubes and 5 or 6.3 volt rectifier tubes.  Capacitors are not soldered, just get installed with thumbscrews.  Options include TOTL Crystek clocks and interchangeable AKM or ESS Pro chip sets.  You can find your way to any type of warmth or "musicality" you like.

You may want to check out the Sonnet Morpheus R2R DAC. It’s not on everyone’s list but it’s a wonderful DAC and could be considered “warm” when compared to other R2Rs...