Yes, reception for Bluetooth and WLAN reception for shared antenna applications is possible and this is done in a TDM fashion. The radios operate in a time multiplexed manner or TDM. So, simultaneous reception is achieved this way.
You can refer to the Coex App Note in WICED SDK for more details.
Location: /43xxx_Wi-Fi/doc/WICED-Coexistence-App-Note.pdf. Apologies for the delay in response.