Turn on the Instant Pot and set it to the Sauté function. Add the butter and let it heat up.
Add the whole chicken thighs in a single layer, season them with salt, and allow them to brown on both sides for as long as you have patience for. *Note if you want a slightly thickened stew, you can dredge the chicken thighs in flour before sautéing them.
Remove the chicken thighs and set them aside. Add the onion and garlic to the Instant Pot and sauté until softened, stirring occasionally.
Deglaze the pot with the white wine, and add the chicken back in.
Add the chicken broth, carrots, celery, potatoes, bay leaf, thyme, salt, and pepper. Stir to combine.
Close the Instant Pot and cook on high pressure for 8 minutes.
When the cooking time is up, allow the pressure to release naturally for 10 minutes, then quick release any remaining pressure.
Break the chicken thighs into bite-sized pieces with a fork and a wooden spoon. I usually do this right in the pot, but you can also remove the chicken and cut them up on a cutting board if you prefer.
Finish the stew with a few cracks of black pepper, and enjoy!
*Note: If at this stage you decide you want a thicker stew (whether or not you dredged your chicken thighs in flour), you can add about 1 tsp of corn starch mixed with 1 Tbsp cold water to the stew. Mix well and turn the Instant Pot back to sauté mode for a minute or two or until the stew thickens.