Yes, it is possible.
However the limitation I found is that, output can only go to one bluetooth device connected, and not to all the bluetooth devices simultaneously.
For instance, Throw is a feature that came with Sony Xperia Z2, which manages connections to multiple Bluetooth devices and commands and gives options which connected device you might wanna send your output to.
Thus, you could have a bluetooth speaker, bluetooth headset and a bluetooth earbuds all connected to your phone, but you select which to 'Throw' the sound to at any point in time, and can switch in between seamlessly easily instantly.
My personal experience with Throw was nice.