That's what I do. I've transferred every CD I own in lossless on a NAS (14,000 tracks more or less I think) that is streamed via a Sonos Connect that then goes to an Rotel Integrated amp w/ DAC to speakers or my HP rig. It works pretty well.
My next move would be to get a nicer separate DAC that would be an upgrade from the integrated w/ DAC. It sounds good, but not as good as CD through my stereo. Since it's streamed, short of buying a very high end DAC, I doubt it will ever sound quite as good as listening to lossless files directly from a PC or a CDP. But, pretty close. Listening through the Sonos speakers in the house-I've got two play 5's, a sub and a playbar, it's sounds surprisingly good. Again, not upper echelon audiophile dedicated listening good-but house music, good quality music while I'm preparing diner or doing stuff around the house-I'm satisfied. The Playbar w/ Sub which is a chunk of $ sounds really good.
And it/s so convenient w/ great features.