In a medium saucepan, cook 2 bags (10 oz. each) frozen strawberries, 1/4 cup water and 2 tsp. sugar over medium heat, stirring often, until the sauce thickens, about 10 minutes.
Meanwhile, in a large (2 qt.) baking dish, whisk 8 eggs and 1/2 cup milk; whisk 2 tbsp. crème fraîche into the egg mixture.
Lay the 8 slices of bread in the egg mixture, turning often until the bread is soaked through, 2 to 3 minutes. In a griddle or large skillet, melt 1 tbsp. butter over medium heat. Add 4 soaked bread slices and cook until golden brown and cooked through, 2 to 3 minutes per side. Repeat with 1 more tbsp. butter and the remaining bread.
Spread 2 tsp. crème fraîche on 4 slices of the French toast. Top each with a slice of the remaining toast. Drizzle the strawberry sauce over each stack. Top with whipped cream and crushed graham crackers.