In a heavy-bottomed soup pot, melt the butter into the olive oil over medium heat until it foams and releases that gorgeous nutty aroma.
Add the diced onion and minced garlic, stirring until they turn golden and tender — about 5 minutes. Your kitchen should smell like pure comfort right now!
Sprinkle in the pimentón dulce and stir constantly for 30 seconds until the paprika blooms and fills the air with its smoky sweetness. (Don't let the paprika burn — it turns bitter quickly!)
Pour in the tomatoes, water, thyme sprigs, and bay leaf. Season generously with salt and pepper, then bring the whole pot to a vigorous boil.
Cover and reduce to a gentle simmer. Let it bubble away for 15 minutes until the tomatoes break down into silky submission.
Fish out the thyme sprigs and bay leaf — they've done their aromatic work! Preheat your broiler now.
Working in batches, blend the soup until completely smooth and velvety. The color should be the most beautiful burnt orange!
Strain the soup back into the pot, pressing the solids through the mesh to extract every drop of flavor. Stir in the cream and taste — adjust salt and pepper as needed.
Arrange the baguette slices on a baking sheet and broil 6 inches from heat for 2 minutes total, flipping once, until golden on both sides.
Top each toast with a generous handful of grated Gruyère and slide back under the broiler for 30 seconds until the cheese bubbles and turns golden.
Ladle the silky soup into warm bowls and serve alongside those irresistible cheesy toasts. Pure bliss!
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