There is a 2.5V DC component on the output of the DAC chip. So without the cap you are going to short the DAC chip to ground.
Doh [to me]!
I've been getting carried away with coupling transformers using my Passive Caimanised 7520 with an interstage valve amp I designed and built a little while ago (no caps in signal path). More on that later (will post on the DIY board here).