Both. The better the speakers are the bigger difference a better dac will make. The good thing is your amps and pre won’t need to be upgraded for the new speakers. is the cambridge an audible upgrade from the dac in the c2500?
Upgrade speakers or DAC
Next upgrade is going to be either Front L/R speakers or streamer. Current speakers are Sonus Faber Olympica III, looking to upgrade to Il Cremonese. Streamer is Cambridge Audio Edge NQ looking to upgrade to dCS Rossini APEX.
Which upgrade will make the most significant improvement?