I would think so. If you mix up the glow sticks chemicals with some bubbles as long as the chemical content of the bubbles don't react with the stick chemicals, it would be glowing bubbles, but would probably with a little less glowing intensity as almost more water is added...
As to glow sticks chemical content, I found them from this glow sticks online place under FAQ:
4 g Sodium Carbonate
0.2 g Luminol
0.5 g Ammonium Carbonate
0.4 g Copper Sulfate Pentahydrate
approx. 1 litre of Distilled Water
50 ml of 3% Hydrogen Peroxide
I would think you would be basically adding more water to the content.