Heat a gas or charcoal grill to medium-high (400°F to 475°F).
Make Bacon Blue Cheese Compound Butter from butter, spinach, garlic, bacon, blue cheese , hot sauce and other seasonings up to 7 days ahead and kept in an airtight container in the refrigerator or up to 3 months frozen.
Grill the oysters with their rounded sides down, covered, until they open, about 5 minutes. With tongs, carefully remove the oysters then remove the top shell and discard.
Carefully run the edge of a small spoon underneath the oyster meat to release it from the shell. Drop 2 tsp. of the compound butter in each oyster and carefully return to the grill. Cook until the butter is completely melted and slightly bubbling, about 4 minutes.
Transfer the oysters to a wide, shallow platte and serve immediately with lemon wedges and additional hot sauce.