Remove the steak from the refrigerator and let it rest at room temperature for 30 to 45 minutes.
Pat the steak dry thoroughly on all sides with paper towels.
In a small bowl, combine Cajun seasoning, paprika, salt, and pepper. Stir until well mixed.
Rub both sides of the steak evenly with the seasoning blend, pressing gently so it adheres.
Place a cast-iron skillet over medium-high heat. Let it heat until very hot and just starting to smoke, about 3 to 4 minutes.
Add olive oil to the skillet and swirl to coat the surface.
Using tongs, carefully place the steak in the hot skillet. Sear for 3 minutes without moving it.
Flip the steak and sear the other side for another 2-3 minutes. (For thicker steaks or more doneness, add about 1 minute per side.)
After flipping, add 2 tablespoons of Cajun Cowboy Butter to the skillet. As it melts, carefully spoon the butter over the steak to baste it during the final minute of cooking. This adds flavor and helps keep the steak juicy.
Check the internal temperature with an instant-read thermometer. For medium doneness, remove the steaks at 140°F. (They will continue to cook slightly as they rest.)
Transfer the steak to a cutting board and let rest for 5 minutes.
While resting, top steak with remaining Cajun Cowboy Butter. Let it melt and soak into the steak for extra flavor.
Slice the steak and serve.