Turn on the Instant Pot to the Sauté function. Add in 1 tablespoon of the butter and chopped bacon. Cook for 4-5 minutes until edges are crispy. Remove from the Instant Pot and set on a paper towel to drain. Reserve the bacon fat in the Instant pot for cooking. 3 tablespoons unsalted butter, 5 slices hickory smoked bacon
Combine the flour, a large pinch EACH of salt and pepper. In a large bowl, toss the beef with the flour mixture until meat is evenly coated.
2 tablespoons all purpose flour, Salt and pepper, 2 pounds beef chuck
Browning the beef: Add 1/3 of the beef to the Instant Pot (still on SAUTE) and brown on all sides; approximately 5 minutes. Remove from the Instant Pot.
Repeat for the remaining beef (in 1-2 batches) adding 1 tablespoon of the butter before each batch as needed.
Pour half of the broth into the Instant Pot and scrape the bottom with a spatula to free any browned bits sticking on the pot. Turn off Saute function.
1 ½ cups beef broth
Add the beef back into the Instant Pot. Add the onions, carrots, mushrooms and garlic on top. Pour in the remaining broth and red wine.
1 medium yellow onion, 3 large carrots, 1 cup sliced baby bella mushrooms, 2 cloves garlic, 1 ½ cups dry red wine
Add the potatoes, along with the chopped bacon, thyme, tomato paste, and bay leaves.
1 pound (16 ounces) Yukon gold potatoes, 2 tablespoons tomato paste, 5-6 sprigs fresh thyme, 2 bay leaves
Lock the lid, switch the pressure valve to Sealing, and cook at HIGH PRESSURE for 32 minutes.
Once the Instant Pot has finished cooking, allow a natural release for 10 minutes then perform a QUICK RELEASE to release the remaining steam. After the pressure pin drops, remove the lid and turn the SAUTE function back on.
Remove and discard the bay leaves and thyme sprigs. Continue to cook the stew for an additional 8-10 minutes, or until the liquid has thickened to your preference.
Serve warm with fresh thyme or parsley. Enjoy!