Pat the beef dry with paper towels and season evenly with sea salt and black pepper.
Heat the olive oil in a heavy-bottomed pot or Dutch oven over medium-high heat.
Add the beef in a single layer and sear until deeply browned on all sides, then remove and set aside.
In the same pot, add the pearl onions, sliced carrots, and mushrooms, sautéing for 5 minutes until the vegetables begin to soften.
Stir in the minced garlic and tomato paste, cooking for 1 minute until fragrant.
Pour in the red wine to deglaze the pan, scraping up any browned bits from the bottom with a wooden spoon.
Return the beef to the pot and add the beef bone broth, dried thyme, and the bay leaf.
Bring to a gentle boil, then reduce heat to low, cover, and simmer for 60 to 90 minutes until the beef is very tender.
Discard the bay leaf before serving in a shallow bowl.