I just found this post/quote from Mike Moffat and it appears to directly answer the OPs question.
https://www.head-fi.org/threads/schiit-yggdrasil-impressions-thread.766347/page-123#post-12342937
"Two twenty bit DACs (one per phase) double the resolution for a balanced signal. Double the resolution only adds 6db (one more bit) for a total of 21 bits. In this case, 20+20 equal 21."
https://www.head-fi.org/threads/schiit-yggdrasil-impressions-thread.766347/page-123#post-12342937
"Two twenty bit DACs (one per phase) double the resolution for a balanced signal. Double the resolution only adds 6db (one more bit) for a total of 21 bits. In this case, 20+20 equal 21."