Campfire Audio’s Relay is a $229 dongle DAC/amp that I think punches right around the $200 class with a dead-silent noise floor and a smooth, analog-warm sound. It’s got both 3.5 and 4.4 outputs, tactile controls, and enough power to handle most headphones plus basically any IEM I threw at it.
Pros
+Ultra low-noise / basically dead silent with sensitive IEMs
+Analog-warm tuning without getting sharp up top
+3.5 single-ended and 4.4 balanced outputs
+Media controls and no app required
+Strong power for a dongle (up to ~4 VRMS balanced)
Cons
-Digital filter switching is annoying and easy to lose track of
-No included sleeve/case to protect the glass and housing
-Stage is a bit closer compared to wider-sounding options