Heat the extra virgin olive oil in a heavy-bottomed pot or Dutch oven over medium heat.
Add the chopped center-cut bacon and cook until crispy, then remove with a slotted spoon and set aside.
Season the beef chuck cubes with sea salt and black pepper, then sear them in the same pot until deeply browned on all sides.
Remove the beef from the pot and add the pearl onions, carrots, and halved cremini mushrooms, sautéing until the onions are slightly translucent.
Stir in the minced garlic and tomato paste, cooking for one minute until the mixture becomes fragrant.
Pour in the dry red wine to deglaze the pan, using a wooden spoon to scrape up all the flavorful browned bits from the bottom.
Return the seared beef and crispy bacon to the pot, then add the beef bone broth, dried thyme, and the bay leaf.
Bring the liquid to a gentle simmer, then cover and reduce the heat to low, cooking for 60 to 90 minutes until the beef is fork-tender.
Remove the bay leaf and garnish the stew with freshly chopped parsley before serving warm.