Combine the ketchup and chipotle and spread on the inside of each piece of bread. Place the cheese between the bread at an angle so that the edges hangover the sides of the bread. Butter the outside of one bread slice with half the butter. Heat a skillet over medium heat. Press the sandwich on, buttered-side down. Press until the bread is golden brown and the cheese has started to melt. Butter the other side (which is facing up) with the remaining butter and flip. Cook until golden brown and the cheese is gooey, this should all take 3 to 4 minutes. Remove the sandwich from the heat and hold.
Meanwhile, in a pan over medium heat, cook the bacon until barely crisp, about 5 minutes. Flip the bacon, pushing the two pieces next to each other to form a square. Crack the egg on top, cooking into the bacon. Continue cooking until the egg is set, about 5 minutes. Open up the sandwich (use a spoon to help pull apart the bread) and slide in the eggs and bacon. Close up, slice and enjoy.