Definitely possible, but it would require some extensions to the algorithm. More specifically, as new datapoints enter the stream, they could be compared with the existing medoids to see if swapping them would lower the clustering loss.

This would be a nontrivial engineering effort and I likely won't be able to do it myself (I'm a PhD student about to graduate), but if you or your team is interested in adapting BanditPAM to the streaming setting, please feel free to reach out! My email's motiwari@stanford.edu