Trim any excess fat from the beef chuck and cut into 1-inch cubes. Season with sea salt and black pepper.
Heat olive oil in a heavy-bottomed pot or Dutch oven over medium-high heat. Sear the beef until browned on all sides, then remove and set aside.
In the same pot, add the pearl onions, sliced carrots, and halved cremini mushrooms. Sauté for 4-5 minutes until the onions 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 pot, scraping up any browned bits from the bottom with a wooden spoon.
Add the beef back into the pot along with the cubed parsnips, beef bone broth, dried thyme, and bay leaf.
Bring to a boil, then reduce heat to low. Cover and simmer for 60-75 minutes, or until the beef is fork-tender and the sauce has thickened.
Remove the bay leaf before serving in a shallow bowl.