Trim the fat until you have a circular shape. Reserve trimmed fat.
Coat meat with salt, pepper, and garlic powder on all sides. Let the steak sit for 30 minutes in the refrigerator.
In a bowl, combine butter, bacon bits, and blue cheese. Lay butter mixture on wax paper, form a loaf, roll it tightly, and freeze it.
On the steak, add paprika, and steak seasoning. Let steak rest for 1 hour at room temperature.
Heat your charcoal grill to 500°. Use reserved fat trimmings to season the grill grates.
Put the steak on the grill for 2 minutes, then twist it to make crossed grill marks and cook for 2 minutes. Flip the steak, leave for two minutes, then twist it again and leave for 2 minutes. Check internal temperature, 130° means the steak is medium-rare.
Pull off the grill, then top the steak immediately with a slice of compound butter. Cover and let rest for 10 minutes, then serve.