In a medium saucepan, melt 2 Tbsp butter. Sauté shallots until they are tender and lightly browned.
Add 1 Tbsp garlic and continue to sauté for an additional minute. Remove from heat and set aside to cool slightly for 5 minutes.
In a small bowl, mix 1 stick of butter with the garlic and shallot mixture.
Lay out a piece of plastic wrap and add butter mixture onto it.
Cover the butter with plastic wrap twisting one end to close. Form the butter into a log shape and twist the opposite end to make a tight package. Refrigerate for up to 3 days or freeze until needed.
When ready to cook, start the Traeger according to grill instructions. Set the temperature to 225 degrees F (set to Super Smoke if using a WiFIRE-enabled grill) and preheat, lid closed, for 10 minutes.
Place steaks on the grill grate and smoke for 45 to 60 minutes or until an instant-read thermometer inserted in the thickest part of the meat registers 125 degrees F.
Remove garlic butter log from the fridge and allow to come to room temperature while steaks cook.
Remove steaks from grill, turn grill temperature up to 450 degrees F (500 degrees F if using a WiFIRE-enabled grill) and preheat with the lid closed.
Allow steaks to rest for 10 minutes while grill preheats. Slice garlic butter into 1/4-inch slices and set aside.
Place steaks back on preheated grill and sear for 5 minutes on each side. Place a couple slices of garlic butter on each steak immediately after removing from grill.
Serve or slice immediately after removing from the grill. Enjoy!
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