I believe so, yes.
I use a B1 to receive the Bluetooth signal from my iPad, which plays Spotify Premium. Using an optical Toslink cable, I then connect the B1 to my Marantz SACD-30n player which feeds my CJ preamp. The sound is really quite good.
Plus, the B1 receives Bluetooth signals better than the Marantz did on its own. The Marantz had signal dropouts, delays, and connection issues. The B1 has none of these.