Best DAC for around $2,500 or less

As I've noted elsewhere on this forum... I recently obtained a Yggy, which when teamed with the Audio Reseach 5SE preamp, and a A21 / JC-2's driving Linkwitz Orion's, or Harbeth 30.1's - provides exceptional detail resolution, imaging, and holographic soundstage, not too mention the remarkable tone, tenor and texture, PRAT, and all the rest.  I was persuaded to try the Yggy, based on all of the various reviews, which maintain that it competes with the very best DAC's available at any price.  

This experience has convinced me that the R2R Ladder Dacs are superior to all the rest.  

Though, the various comments that the Denafrips Terminator, or AM Trubador III provide a comparable sound - I think a lot depends on the rest of your system, and how well those components mate with the DAC.  I find it difficult to believe it can get much better, than what I've experienced, so far... though I may someday find out.

Chord Electronics Qutest.

I would like to suggest the Matrix X-Sabre Pro, that is under 2000$. High quality each part of it. It sounds better than Chord Qutest and TT, a bit worst (at drum reproduction, drums not as dry as it could be) than the Dave. No headphone amp, but there is volume control. I don't find better DAC for its price.

An another more cheaper, measured well solution could be, the already mentioned Topping D90.

If you prefer Chord Qutest, suggestion of lot of members, let me to advice to replace the power supply, for example to Allo Shanti, it added some improvement in signal to noise to me. What I found as main weakness, Qutest does not shine in quality of high tones.

This post is purely for future readers. Although not the best DAC for under $2500 the Wadi di322 ,if you can find one, can be a good deal. The group that controls the brand , as well as Mcintosh, has shelved the brand for now and maybe forever. Hence these DACs can be found for relatively cheap.

You can still get service on the units from an outfit in CA. If you call the number on the Wadia support site you get those guys. I have the older 321 which only does PCM. I like the sound and the unit is built like a tank. Only negative so far is the large footprint.

http://www.wadia.com/en-us/products/di322

I am sure you could find a used Bryston BDA 3 at your upper limit and the performance and versatility that this dac provides is very hard to beat in that price range. I bought one last summer and have really enjoyed it in the 12 months that I have had it. Yes I wished that I had waited and bought the Bryston 3.14 with the streamer attached, but it wasn't available back then.