DAC Choices - $5,000 to $7,000


What are the current top DAC choices in the approximately $5-$7K price range (new or used) that I should look at as possible upgrades to my current Metrum Adagio?  Having an on-board volume control is not a factor as I can operate my system either way.   If I wanted to spend more I would look at Totaldac, Rockna Wavedream Signature, or one of the other top-end contenders, but I selected the price range to achieve a sound quality that is consistent with the rest of my system and because I don't want to spend more due to the still evolving nature of digital technology.  I do like the more natural sound (to my ears) of NOS R2R DACs.  So far, I have considered the three below, but none seem to be a slam-dunk upgrade from the Adagio, which still sounds pretty good in my system.  The decision is complicated by having to "buy to try" so that I can hear one in my system.  Maybe now is not the time for an upgrade.  Any thoughts?

  • Denafrips Terminator w/DSP board - Reportedly has the full body/dense tone type of sound I like, but also has a high'ish output impedance 
  • Holo May KTE - Reportedly measures great for an R2R DAC and has strong reviews 
  • Rockna Wavelight - Some reviewers like it but others put it in the middle of the pack for the price
mitch2
I contacted Ben at Mojo Audio.  Apparently there is a lot of interest in the Mojo Audio Mystique DACs, including refurbished V3s (if you can find one to refurbish) and especially the newer EVO range which Ben says is noticeably better sounding.   Kudos to Mojo Audio for supporting their older products.  The level of interest has resulted in some necessary lead time between ordering and receiving a DAC, which is expected.  This success also indicates the design parameters must be effective and is a good thing for Mojo Audio.  I continue to be impressed with what he is doing with the power supply and would not be surprised if I were to like the sound.  
While, for me, cost is not necessarily the overriding factor, I do like to keep things in perspective relative to not only the rest of my system but also to what I really want to spend for this purchase (vs. perhaps a really high quality gravel bicycle), and especially given the temporary nature of digital electronics where everything is the flavor of the day but it seems like the shelf life is only 2 or 3 years (in many cases) before something better comes along.
In the case of the Mystique EVO, it starts at $6K for the base model (which is in my range) but there are multiple options that are a "notable improvement" and can quickly push the price up by up to a couple of $K.  The middle of the range "bang for the buck" (B4B) model is $8K and subject to options as well.  This is well into Totaldac territory so I need to consider whether their products fit my purchase parameters.  I will not rule out the Mojo Audio DACs since the design philosophy seems to be aligned with what I have found to sound good, and also because they are a USA company that supports their former products, but I may take a step back and ask myself, since things sound pretty good now, what do I want to pay to move forward, especially with digital gear, where the cost to performance curve continues to flatten out as technology improves.  
Was curious on the Mystique EVO B4B dac so looked it up and adding all options like Lundahl core, Furutech upgrade, Lundahl PSU choke and best shielding it's over 12k. I'm sure it's a wonderful sounding dac but I believe for just over 5k for the Bricasti M3 you would be a happy camper.
I found the M3 to sound very nice in my system (Sim740P+Pass250.8+SpendorD9) but if the preferred sound is ' like the more natural sound (to my ears) of NOS R2R DACs' I personally didn't find the M3 to offer that compared to the Mystique v3; assuming the Evo is another step up from the v3 then I would question the need to upgrade the Evo to start; at least if comparing it to the M3.

Of the DACs I've tried at home I found the M3 to offer a similar sound if not more modern to the Berkeley Alpha DAC Series 2 which I tried years ago when it was the hot DAC to have.  I ended up selling it for the slightly less resolving Sim380DSD, but one I thought offered a more analog like 'meat on the bones' style of sound.   I thought the M3 took dynamics and detail to another level over the 380DSD but I personally found it offered a slightly lean presentation.

I also tried the latest version of the RME ADI and found that sound signature more inline with the M3 than the M3 is with the Mystique.

The M3's analogue out is excellent though, and when fed direct into my Pass amp came very close to with my pre (which is ~2x the M3's price) so from that perspective it is a bargain.   Add $1K at initial purchase time for the streamer and that also is a bargain, as I just paid way more than that for the M5 to mate with the v3.   So for the M3's price I think it certainly offers all around good value, I personally think it is just a question of the type of sound one is looking for...