Pat the beef chuck cubes dry with a paper towel and season evenly with sea salt and black pepper.
Heat the olive oil in a large heavy-bottomed pot or Dutch oven over medium-high heat.
Sear the beef in the hot oil until browned on all sides, then remove the beef and set it aside on a plate.
In the same pot, add the pearl onions, sliced carrots, and sliced parsnips, sautéing for 5 minutes until they begin to soften.
Stir in the halved cremini mushrooms and tomato paste, cooking for another 2 minutes until the paste turns a deep brick red.
Pour in the red wine to deglaze the pot, scraping up any browned bits from the bottom with a wooden spoon.
Add the beef bone broth, dried thyme, and bay leaf, then return the seared beef and any accumulated juices back to the pot.
Bring the liquid to a gentle simmer, then cover and reduce heat to low, cooking for 60 to 90 minutes until the beef is fork-tender.
Remove the bay leaf and serve the stew hot, garnished with freshly chopped parsley.