Place the shallots in a small saucepan with the 2 1/2 tablespoons butter and cook over medium heat, stirring occasionally, until the shallots are tender, 8 to 10 minutes. Add the wine and cook until the liquid is reduced by half, about 5 minutes. Scrape the wine butter into a bowl and let cool in the refrigerator, about 15 minutes. Mix in the remaining 4 tablespoons softened butter with a fork.
Dimple the steak on both sides with the crushed peppercorns (push them into the steak). Heat a heavy skillet over medium-high heat; when the pan is hot, drizzle with olive oil and cook the steak until its to your liking, about 4 minutes on each side for medium-rare. Top the steak with some of the red-wine butter.