Better R2R DAC Recommendation?

There's a Holo Audio Spring KTE version listed on USAM within your budget.
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From what I've read, the Spring gets you about 80% of the May DAC's sound quality. As a May owner, it has been the most significant upgrade in my system over the years.

I have an excellent sounding MHDT Orchid which was modified, thus: 8 key resistors replaced and upgraded directly around the tube with a mix of Vishay Zfoils, Audio Note Tantalum non-magnetic and Shinkoh. Also replaced: output caps, changed to VH Audio Audio Vcap Odam 2.2uf. Total cost of DAC and then later mods: $1610

I have A/B'd it against the Denafrips you mention, and it sounds better. It competed decently with the Holo Audio May DAC, but the Holo was better. It is nearly $6k, however.

Second a MHDT.  I have the Stockholm II wonderful rich sound good bass

Yeah, if you like the sound of the Ares the Pontus ll is supposed to be a significant upgrade, so unless you’re looking for different sound characteristics that’s absolutely what I’d do. Best of luck.

It’s a pretty easy answer if you like the Aries2 a lot 

then the Pontus2 is the obvious answer similar house sound but much better detail bass and everything in between .  The Venus would be their best between all very close to the terminator 2 but at $3k 

for $2k the Pontus -2 almost impossible to beat ,it’s very well balanced 

I owned it the key is how good is your cables ,powercords  make a difference 

even more so Ethernet cable,  I uses uptone ether regen which truly cleans the noise on the digital signal and  usb , I like the AQ  Diamond , cables as well as Wireworld Platinum 8;cables .