TBH, I want a DAC because I don't want the THX amp being "wasted".
Of course it should be better than the Mojo at least.
That's a bit too expensive, I'm considering Topping D50 or SMSL SU-8 now, both are below USD200 in my country.
Any recommendation below USD300 would be appreciated.
How about the SMSL SU-8? It has balanced output and have better measurements than D50.
Or I need a much more expensive DAC to hear any difference?
I have not used the systems you mentioned.
I use the Emotiva Basx A-100. It sounds amazing with my HD600 and HD6xx in direct drive mode (jumpers engaged, resistors bypassed). It costs about $200. It has a huge amount of power in direct drive mode.
Chord pushes out about 70 mwatts @ 300 ohms for your hd650.
The A-100 pushes a silly 1300 mwatts @ 300 ohms.
You probably don't need all that much power but that is its claim to fame.
Disadvantages: . Compared to the Mojo, it's a lot bigger and heavier. It's a small speaker amp. So it's not really portable. It sits on your desk. In direct drive mode, the noise floor is increased so there is a slight hiss on silence, not noticeable during music. Without the jumpers put in, there is no hiss but the sound isn't quite as nice to me. The A-100 doesn't come with a DAC so you have to factor that in if you don't have one.