I think, as an owner, I can wholeheartedly recommend the Laiv Micro DAC. Some reviewers have commented that the Pegasus II sounds better than the Holo Cyan 2 and is comparable to the Micro DAC. Some said it is close to Denafrips Aries 12th's sounding, which is on the warm side of neutral due to slight treble roll-off. It also offers both XLR and RCA analog outputs, which adds a convenience factor.
However, since I haven’t seen any reviews of the Pegasus III yet, you may want to wait. Alternatively, you could go with a used Pegasus II in like-new condition from Amazon, audition it, and return it if it doesn’t suit your taste.

