There are no "old" or "new" versions of the Pico DAC/amp. It's a 16/48-only device and doesn't support 24/96 files at 24/96 resolution. 24/96 files will be downsampled on it. The 24/96 refers to upsampling only. Here are Justin's words on the subject from his Pico announcement thread (http://www.head-fi.org/t/258967/headamp-pico-portable-amp-w-optional-upsampling-24-96-usb-dac-pre-order-thread):
"But the biggest attraction of the Pico may be the optional USB DAC which is unlike any portable DAC available. Still fitting in the same tiny chassis, the optional USB DAC converts USB straight to I2S and is then upsampled to 24/96 with an ASRC often said to create a jitter-free design. The DAC then runs off of the Pico's low-jitter clock instead of the USB. D/A conversion is done by Wolfson's flagship 24-bit DAC chip, the WM8740, and then passed to an analog output stage that uses a unique MOSFET op-amp."
If you wanted a 24/96 USB DAC, look into other products that specify themselves as supporting 24/96 over USB (preferrably asynchronously), like the Arcam rDac for example.