My Bible study group is too big to all be in one conversation. Can I form "small groups" in the virtual setting?

Absolutely! You can do this in one of two ways.  

• Some virtual conferencing platforms like Zoom have a “breakout session” feature. In this case, you could “sort” your participants into smaller breakout groups after you all begin in the large-group session. This would be best for you if your small-group facilitators would be nervous about hosting the meeting themselves. (Some leader controls are reduced in the breakout session mode—test this with friends before your group meeting.)
• Alternatively, each small-group facilitator could host a unique meeting for just his or her group of 8–12 participants. If your small-group facilitators are comfortable hosting their own meetings, this might be the best option for you.