Set the Instant Pot to Sauté mode and add the extra virgin olive oil.
Season the beef chuck roast cubes with sea salt and black pepper, then brown in the pot for 5 minutes.
Add the yellow onion, carrots, and celery, sautéing for another 3 minutes until slightly softened.
Stir in the minced garlic, dried thyme, and tomato paste, cooking for 1 minute until fragrant.
Pour in the beef bone broth and use a wooden spoon to scrape the bottom of the pot to deglaze any browned bits.
Add the bay leaf, lock the lid, and set the timer to High Pressure for 35 minutes.
Allow a natural pressure release for 10 minutes before manually venting the remaining steam.
Remove the bay leaf and serve the stew hot in a shallow bowl.