I own a Geshelli DAC and their new balanced headphone amplifier. Although value-priced, both products use the Sparkos (made in Colorado!) discrete op-amps, with a very large Class A operating region. If you’re going solid-state, this is an attractive approach.
The Raven is kind of the opposite: Zero feedback, all-triode balanced, using some of the lowest distortion vacuum tubes ever made (6SN7). What makes it possible are the custom-designed input and output transformers ... before that, Don and I were limited to off-the-shelf transformers, which in turn limited the selection of vacuum tubes that would be compatible with the circuit. The original Raven, designed way back in 1998, used tubes in the 5687/7044 family. These are very good, but are not as linear as 6SN7 family, and the subjective difference is pretty noticeable.
The zero feedback approach brutally exposes the sonics of every single part in the signal path, right down to the sonics of the volume control. Our custom transformers have outstanding sonics (subjectively), and a flat response to 30 kHz in-circuit. The Raven has a signal path of: a discrete-resistor volume control, wire, a balanced 6SN7 dual triode, and a custom output transformer. The unbalanced RCA inputs have their own custom input transformer for phase-splitting and ground isolation.
Zero feedback vacuum tube circuits are not for everyone. If tubes make you nervous, I can recommend the Geshelli with Sparkos discrete op-amps (if the low price doesn’t offend you). If you are very price sensitive, there are lots of Shenzen-made products for $200 or less, with ESS converters and pretty decent op-amps.