Make the compound butter: In a medium bowl, mix together the butter, blue cheese, chives, salt, and pepper until well combined.
Transfer the butter to a piece of plastic wrap and roll into a log. Refrigerate for at least 1 hour, or until ready to use.
Make the fried onions: In a shallow bowl, combine the onions and buttermilk and let sit at room temperature for 1 hour.
In a medium bowl, whisk together the flour, paprika, salt, and pepper. Dip the buttermilk-coated onions into the flour mixture, shaking off any excess.
Fill a large skillet with high sides with the canola oil. Heat the oil over medium-high heat until it reaches 375˚F (190˚C). Once the oil is hot, add the onions in batches and fry for 3 minutes, until golden brown. Transfer the onions to a wire rack to drain and season with salt.
Generously season the steaks all over with salt and pepper.
Add the olive oil to a large cast-iron or stainless-steel pan over high heat. Once the oil begins to shimmer, add the steaks and cook, without disturbing, until a brown crust forms, about 7 minutes. Flip the steaks and continue to cook for 7 minutes more, until the steak is browned on both sides. Sear the sides of the steak to render any fat. Add the butter and thyme to the pan. Tilt the pan toward you and baste the steaks with the melted butter for 2 minutes, until the internal temperature reaches 135°F (60°C) for medium rare.
Serve the steak with the crispy onions and blue cheese compound butter.