Unlike adb, fastboot does not run on a client-server model. It would be possible to extend it on this way - it is open source -, but this did not happen until now.
If you type the fastboot
command, it needs an usb device. This can be an emulated one in a VM, proxying to a host usb one, or it can run on the host and use a host usb device directly.
However, usb passthrough is a flexible thingy - just as you can plug in-out an usb device into your host, so can you "plug in/out" virtual usb devices to your VM. Qemu monitor port (tcp 4444 by default), virsh or in the of virtualbox, some vboxmanage commands, can remove an usb device from your host and give it to the VM (and back). The details depend on your virtualization solution.