In a mixing bowl, combine softened butter, herbs, and ¼ teaspoon salt. Mix well to combine.
Lay a piece of plastic or parchment paper on a clean work surface, place butter in the middle. Roll into a log about the length of a half stick of butter. Twist the ends to seal and place in the refrigerator while the steaks are coming to room temperature and cooking.
Remove steaks from the refrigerator and let sit at room temperature for 30 minutes. Lightly brush both sides with olive oil and season with salt and pepper. Wrap a slice of bacon around each steak and secure it with butcher’s twine.
Prepare the grill for direct heat and preheat to medium-high heat. Oil the grates with vegetable oil.
Grill for 4-5 minutes per side or until the steaks reach an internal temperature of 130 degrees for medium rare. If the bacon is not crisp enough, use a pair of long tongs to hold the steaks over the grill with the bacon facing the heat to crisp it up. Let steaks rest for 5 – 10 minutes before serving.
Cut the compound butter into 4 equal pieces and place one on each warm steak before serving.