Malenstyn, 23, missed the entire 2020-21 season after undergoing surgery to repair an Achilles tendon.
The 6'3", 200-pound forward made his NHL debut with the Capitals on Nov. 20, 2019, against the New York Rangers and played three games for Washington during the 2019-20 season.
In addition, the White Rock, B.C., native recorded 15 points (7g, 8a) in 46 games with the Hershey Bears of the American Hockey League. During the 2018-19 season with the Bears, Malenstyn recorded 16 points (7g, 9a) in his rookie AHL season and was named Hershey's IOA/American Specialty AHL Man of the Year.
In 120 career games with Hershey, Malenstyn has recorded 31 points (14g, 17a).
Prior to joining Hershey, Malenstyn won a WHL Championship in 2018 as a member of the Swift Current Broncos, recording 11 points (4g, 7a) in 26 playoff games. He finished his WHL career with 128 points (65g, 63a) in 238 games with Swift Current and the Calgary Hitmen.
Malenstyn was selected with the Capitals' fifth round pick, 145th overall, in the 2016 NHL Draft.