Generously season beef with salt and pepper.

Heat oil in a large Dutch oven over high heat. Cook and stir beef in hot oil until browned on all sides, 10 to 15 minutes. Use a slotted spoon to transfer meat to a plate.

Cook and stir onion, butter, and a pinch of salt in drippings in the Dutch oven until onion begins to sweat. Stir in flour; cook and stir until onion starts to soften, 3 to 4 minutes. Pour in wine; bring to a simmer and cook until wine is reduced by half, about 10 minutes.

Return beef and any accumulated juices to the Dutch oven. Add broth, carrots, celery, thyme sprigs, and bay leaf; season with salt. Bring to a simmer, cover the pot with a lid, and cook over low heat until meat is almost tender, about 1 hour 30 minutes.

Remove the lid and continue cooking at a simmer until meat is tender and stew is thick, about 30 minutes more. Season with salt and pepper.