The M33 digitizes its analog inputs. I cannot see any reasonable way to bypass the on-board DAC.
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I had a similar problem. I had the M12 (the preamp/DAC) which likewise had no upgrade path (other than to a better server than the BluOS module). I ended up selling the unit because of this perceived limitation.
In hindsight, I shouldn’t have sold it - as it was actually a very good unit and better than many like to believe. I’ve spent more than I care to admit chasing incremental gains.