This DAC is currently the best performing DAC ever tested at ASR. It is a discrete design and by no means inexpensive at about $11k. But for the price, it delivers the performance unlike some costly DACs that measure rather poorly.
This thread is informative because the designer, Bruno Putzeys, chimes in with details about how the DAC was developed.
BTW, Bruno Putzeys is the current wonder boy of audio electronics design. Besides this DAC, he is also involved in designing the Purifi Class-D amplifier modules that are exciting many audiophiles.