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
Maybe you don't have to spend as much as you think. Here's a review form over at Audiophile Style (formerly Computer Audiophile) that's done by a recording engineer who used his own recordings for evaluation:
https://audiophilestyle.com/ca/reviews/review-denafrips-pontus-dac-r966/

All the best,
Nonoise
Thanks nonoise

very interesting review of the Pontus at relatively low price by a credible man...I read it now...

My best to you...
@rsf507 - Mystique V3 with balanced outputs, it arrives tomorrow from an excellent seller (super fast ship) over on USAM who upgraded to an MSB.
I am really curious the hear what all the rave reviews are about and how it compares to my Adagio.
I have not seen any EVO level Mystiques for sale on the used market yet.
The question of which input to use is interesting since my Ambre endpoint doesn’t have a USB output, but it does have S/PDIF and optical. If I want to use the USB input, then I need to give up the advantages of using a Roon endpoint and connect the Mystique directly to my Antipodes DX L3 server, or purchase something like the SOtM trio that I used to own.  I connect the Adagio to the Ambre using I2S.
@mitch2, congrats on the Mystique V3 balanced!   That is exactly what I purchased a few months ago; it will be interesting to hear your thoughts on it.   I'm using a Bricasti M5 with Roon to feed it's SPDIF input.  I found its sound quality jumped significantly after upgrading my SPDIF streamer to the Bricasti.  I've just ordered a Luna Orange USB cable to try with it, so I'm not sure which of those two inputs I'll ultimately prefer.