Preheat the oven to 375 degrees F.
Lay the bacon in a single layer on a baking sheet and bake for 15 minutes, until crispy. Transfer to a plate lined with paper towels to drain.
Meanwhile, use a 2-inch cookie cutter or small glass to cut a hole in the center of each slice of bread. Heat the butter over medium heat in a skillet large enough to hold the bread slices in a single layer (or use 2 pans). Cook the butter until it turns a golden brown color. Add the bread and cook 3 to 4 minutes, until golden brown and crisp. Flip the bread with a spatula. Now break an egg into the hole in the center of each bread slice. Sprinkle with salt and pepper. Cook 2 to 3 minutes until the eggs have set on the bottom. Then flip and cook 1 more minute. Transfer to plates and serve with the bacon.