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Season both sides of steaks with salt and pepper and let stand at room temperature for 20 minutes.
When ready to cook, start the Traeger grill on Smoke with the lid open until the fire is established (4 to 5 minutes). Set the temperature to High, and place a cast iron skillet with enough room for the steaks into grill and preheat, lid closed, for 10 to 15 minutes.
Season steaks with salt and pepper. Place steaks on the hottest part of the grill and cook for 5 minutes with the lid closed.
After 5 minutes, open the lid and place the butter in the skillet, it should melt almost immediately.
Flip the steaks into the cast iron skillet so the grilled side is facing up. Cook for 5-7 minutes basting the steaks with butter as they cook.
Close the lid and continue cooking until internal temperature reaches 125 to 130 degrees F for medium rare (about 10 minutes).
Remove the pan from the grill and allow steaks to rest for 10 minutes. Transfer steaks to plates and pour reserved butter over the top. Enjoy!
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