Mix all Compound Butter ingredients in a bowl.
Spoon mixture onto parchment paper or plastic wrap. Roll into a log with about 2 inches diameter.
Chill in the refrigerator for at least 1 hour.
Preheat your grill to hight heat.
Season the steaks on both sides with the coarse sea salt, freshly cracked black pepper and dried onion flakes. Wrap 1 or 2 slices of bacon around each steaks and tie them securely using butcher string. You can also secure using toothpicks.
Grill the steaks over high heat for 4 to 6 minutes per side with the lid closed.
Flip the steaks a quarter turn so that the bacon faces the grate. Grill for 15 seconds per side or until the bacon is brown and lightly crisp.
Use an instant read thermometer toward the end of the cook to achieve desired doneness: 120°F for rare, 130°F for medium rare. Remove steaks from the grill and let rest.
Cut four slices of compound butter of 1/8 to 1/4 inch thick and placed them on each steak. Let the butter melt over the steaks for 8 to 10 minutes before serving.