blu-ray coaxial outputs limited rez to dacs?

I have not been here so long I forgot my login!  Anyway, is it impossible to get the hi rez audio from a typical blu ray on the coaxial audio output?  Got ahold of a Pure Audio blu ray disc of music.  Supposed to be 24/96 format.  My player is putting out only 16/48 into the dac according to the dac display.  So I went into player menu and made sure the "downsampling"  selection was in the off position.  Still, only the lower rez data showing up into the dac.  So does that mean I would need a mega bucks blu ray to get the actual hi rez or what?  The dac oversamples it up before decoding but is supposed to be happy to accept stuff up to 192/24 I think.